Photonstar LED Group PLC Trading Update (3632D)
30 Janvier 2018 - 3:30PM
UK Regulatory
TIDMPSL
RNS Number : 3632D
Photonstar LED Group PLC
30 January 2018
30 January 2018
PhotonStar LED Group Plc
Trading Update
PhotonStar LED Group plc (AIM: PSL, "PhotonStar" or the
"Group"), the British designer and manufacturer of smart LED
lighting solutions, announces a trading update for the year ended
31 December 2017.
The audit for the year ended 31 December 2017 is now underway,
with the full year revenue for 2017 expected to be approximatley
GBP4.7m (2016: GBP5.4m) and the unaudited adjusted EBITDA loss
approximately GBP0.35m (2016: GBP0.7m) and unaudited loss after tax
for the year of GBP0.9m (2016: GBP1.43m). During the course of the
year to 31 December 2017 approximately GBP0.6m of additional
invesment was made into the Group's halcyon platform in order to
address the modifications that have been identified during the paid
for client trial installations. In addition, as of 31 December
2017, the Group had drawn down approximately GBP0.76m of its
invoice financing debt out of its total maximum facility of
GBP1.65m and had an unaudited cash balence as at 31 December 2017
of approximately GBP0.04m.
Following the sale of Camtronics Vale Limited ("Camtronics"),
which the Group is also announcing today, the maximum that the
Group can draw down under the invoice financing facility will
reduce to GBP0.85m, of which approximately GBP0.35m is currently
drawn down.
Throughout 2017 the Group's key strategic focus was the further
development of its halcyon(TM) product range and the further
development of the offering to address the improvements and
modifications that have been identified during the paid for client
trials. There has been a very limited investment in other areas of
the Group's business in line with the Group's strategy which has
been outlined to shareholders previously. The Group's focus on the
development of its halcyon(TM) product range is further evidenced
by the sale of Camtronics. At year end the Group had a combined
gross debt of approximately GBP0.85m, which consisted largely of
the invoice finance facility and equipment loans. Approximately
GBP0.46m of the Group's debt was attributable to Camtronics, so the
sale of Camtronics reduces the Group's debt by approximately
55%.
The Group continues to see strong interest in its halcyon
products and services and management remain confident about the
market potential for halcyonPRO2(TM) and its halcyon cloudBMS
platform. Management had expected that the various client trials of
these systems would result in a progression to full roll out with
those clients during the course of the second half of 2017.
However, the modifications to the systems that have been identified
in the trials that were installed during 2017 have taken
significantly longer to put in place than management initially
expected and consequently full roll outs of the halcyon product and
services have been delayed.
PhotonStar continues to work in a highly constructive manner
with a number of clients who anticipate that roll outs of the
system will begin shortly, but the Group and the clients want to
ensure that the modifications are successfully completed and tested
before a full roll out begins. PhotonStar is collaboratively
working with clients who operate in a number of industry sectors
including student accommodation provision, pub chains, restaurant
and other food outlet chains and housing associations. The Group
now expects that the full roll outs will commence in the first half
of 2018 and management look forward to providing shareholders with
further updates as appropriate.
In the traditional areas of the Group business (specification
and wholesale LED lighting) PhotonStar continued to experience
challenging trading conditions resulting in the Group generating
lower revenues during the second half of 2017 than in the previous
period. The Board has worked to further reduce costs which has
meant that, despite these lower revenues, the unaudited net loss
for the Group has been reduced to approximately GBP0.9m, compared
to a net loss of GBP1.46m in the previous year.
PhotonStar expects to release its full year results for the year
ended 31 December 2017 before the end of May 2018.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information:
+44 (0)2381
PhotonStar LED Group Plc (www.photonstarled.com) 230381
James McKenzie - Group Chief Executive
+44 (0)20 3861
Northland Capital Partners 6625
David Hignell/Jamie Spotswood
(Corporate Finance)
John Howes/Rob Rees (Corporate
Broking)
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and
manufacturer of intelligent lighting & building control
solutions. The Group's proprietary technology Halcyon(TM) is a
scalable, secure wireless IoT platform for retrofit into commercial
buildings, for energy reduction, asset monitoring & control,
and real time environmental, behavioral and energy insights.
PhotonStar is based in Romsey, Hampshire.
This information is provided by RNS
The company news service from the London Stock Exchange
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