This announcement contains inside information for the purposes of article 7 of EU Regulation 596/2014
("Dialight" or "the Group")
AGM trading update
Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy industrial applications today publishes a trading update for the current financial year, ahead of its Annual General Meeting taking place later today.
Since the Group's full year 2018 results announcement on 25 February 2019, the Group has continued to focus on addressing its operational issues. We have continued to make progress in our recovery, including positive momentum in order intake and final assembly output. All but two of our smaller product lines have reached acceptable on-time delivery levels and all are expected to be fully recovered by the end of H1 2019. Our exit from our former manufacturing partner is ongoing and we expect this to be completed by the end of H1 2019.
We have continued to execute on our strategy to address an expanded industrial LED market by increasing our capacity to develop new products, with the first of the new products targeting an expanded market expected to launch in May 2019.
Our global end markets continue to be robust and we are increasingly well positioned to recover and grow. The Board's expectations of further progress in 2019 remain unchanged, with the Group's results to be heavily weighted to H2, reflecting both the ongoing resolution of our operational issues and normal industry seasonality.
The Group's half year results announcement for the half year ending 30 June 2019 will be released on 5 August 2019.
Tel: +44 (0)203 058 3542
Marty Rapp - Group Chief Executive
Tel: +44 (0)203 058 3542
Fariyal Khanbabi - Group Finance Director
Tel: +44 (0)20 3128 8570
The person responsible for arranging the release of this announcement on behalf of Dialight is Fariyal Khanbabi.
Dialight (LSE: DIA.L) is a global leader in sustainable LED lighting for industrial applications. Dialight's LED products are providing the next generation of lighting solutions that deliver reduced energy consumption and create a safer working environment. Our products are specifically designed to provide superior operational performance, reliability and durability, reducing energy consumption and ongoing maintenance and achieving a rapid return on investment.
The company is headquartered in the UK with operations in the USA, UK, Denmark, Germany, Malaysia, Singapore, Australia, Mexico, Dubai and Brazil. www.dialight.com.
Cautionary Statement: This announcement contains certain statements, statistics and projections that are or may be forward-looking. The accuracy and completeness of all such statements, including, without limitation, statements regarding the future financial position, strategy, projected costs, plans and objectives for the management of future operations of Dialight Plc and its subsidiaries is not warranted or guaranteed. These statements typically contain words such as 'intends', 'expects', 'anticipated', 'estimates' and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Although Dialight Plc believes that the expectations will prove to be correct. There are a number of factors, many of which are beyond the control of Dialight Plc, which could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. This announcement contains inside information on Dialight Plc.
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