19th Mar 2015 09:57
LONDON (Alliance News) - LED lighting company ProPhotonix Ltd Thursday said it was confident it can achieve "positive momentum" toward its profit objectives, although it expressed caution for the first half of 2015 on current booking trends and the strong dollar as it posted an unchanged pretax loss for 2014.
ProPhotonix posted a pretax loss of USD1.3 million, broadly flat with the USD1.2 million loss a year before, as a rise in revenue to USD16.4 million from USD15.6 million was offset by a USD1.0 million foreign currency exchange loss.
The company said that its order bookings declined 9% in 2014 compared to 2013, and its order backlog at the end of the year was down 20%. It attributed this to customers being reluctant to place large orders and instead going for smaller, shorter-cycle orders. It also cited delays in orders from some of its industrial customers due to weakness in their businesses, and the strengthening of the dollar. In the previous year, the company also had several large non-recurring engineering orders.
It cautioned that the strengthening of the dollar may hit its revenue growth in 2015, as it reports in dollars.
ProPhotonix said it begins 2015 in "a strong position", as many products it was developing in 2014 are now completed.
Shares in ProPhotonix are trading up 7.6% at 2.83 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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