Photonstar LED has widened its H1 pretax loss to £0.9m, from a loss of £0.6m. Revenue was £2.5m, from £3.3m. CEO James McKenzie said: "In H1 2016, we made good progress in transitioning the Group into becoming a retrofit connected lighting and building management business. "We have installed a number of trials in a variety of different industry sectors and have just received our first Phase 2 order from these trials. We are therefore very pleased with the significant progress in this area of the business. "The traditional lighting business continues to be affected by significant competitor price reductions, resulting in a decline in revenues and increased pressure on profit margins. "We have restructured the Group in order for this area of the business to be profitable at the lower revenue levels now experienced and to better deliver upon the growth opportunities afforded by Halcyon IoT projects and paid for trials which we hope will lead to the roll out of significant new contracts. "Key technical demonstrations of halcyonPRO2TM and cloudBMSTM products at IBM interconnect 2016 point the way to the future of the group and its future growth."
0.00p (0.00%)delayed 09:00AM