Designer and manufacturer of LED light and laser diode modules, ProPhotonix Ltd (LON:PPIX) booked glowing full-year results, following a bright second half to their full-year.
After a moderate first half, the Company switched on in the second period, with orders flickering upwards by 30%, from $7.1 million to $9.3 million. ProPhotonix revenues also shone, up 9% to $7.8 million.
Due to its second half performance, the Group’s full-year figures were illuminated. Year-on-year orders were up from $16.1 million to $16.5 million. Revenue dipped from $16.4 million to $14.9 million, but this was in line with the Company’s guidance.
It added that, “Importantly, much of this increase was from the Group’s larger and more important customers, albeit not yet having recovered to 2018 run-rate levels.”
Prophotonix sheds light on their results
Company CEO, Tim Losik, commented,
“The Board is pleased with the rebound in business in the second half of the year following a resumption of orders from the Group’s largest laser module customer and increases in orders from and shipments to other major customers. Despite this improved customer activity, there remain a number of key accounts who have yet to resume their activity to the levels in 2018. However, following recent discussions with many of these other customers, the outlook for 2020 is more positive than 2019.”
“Our strategy, to support our significant OEM customer base and to make continued investments in new product introductions, continues to be a priority for the Board. We continue to invest in production and technical capability as we take on new customers and develop products. These investments, which will occur in advance of realized revenue, will allow us to complete the production build out necessary for OEM and UV LED products.”
Elsewhere in the tech sector; Rosslyn Data Technologies PLC (LON: RDT) lauded its contract wins, Bigblu Broadband plc (AIM: BBB.L) debt widened, Falanx Group (AIM: FLX) saw their losses widen and ULS Technology plc (AIM: ULS) suffered in a challenging market.
Following the update, the Group’s shares bounced 15.13% or 0.23p, to 1.78p per share 16/01/19 12:03 GMT. Neither a dividend yield nor a p/e ratio are available for the stock, their market cap is £1.54 million.