Dialight PLC - London-based industrial LED lighting firm - Expects revenue of around £169 million in 2022, up 29% or 17% on a constant currency basis. However, revenue in December was significantly below expectations, reflecting ‘seasonal demand being below historic levels as well as several strategic customers deferring anticipated orders’. As a result, Dialight now expects to report 2022 underlying operating profit of at least £5.0 million, up from £4.5 million a year earlier. This is below the board’s expectations.

‘While the FY22 outturn is disappointing the group has a leading position and product offering in markets which are underpinned by long term sustainability, safety and regulatory drivers. As a result, there is significant opportunity for growth, underpinned by product innovation, continuing to provide confidence in the group’s longer-term prospects.’

Dialight says the search process for a new chair has started after David Thomas became interim chair at the end of last year following the departure of Karen Oliver. Gaelle Hotellier will step up to interim senior independent director.

Current stock price: 265.55 pence each, down 17% on Friday morning in London

12-month change: down 19%

It will publish full-year results on March 27.

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