25 September 2012 – interim results
The group has announced its half-yearly results to 30 June revealing a 50% increase in revenue to £3.82m and a much reduced loss before tax of £526,000 (2011: £716,000). The LED lighting market is still in its infancy, accounting for just 3% of the general global lighting market, but this is expected to grow rapidly going forward. The first-half saw the group make significant progress with two new production facilities set up and operating on schedule. A £1.3m trade finance facility was set up in July to provide working capital to the group and as the group is now EBITDA positive on a monthly basis. Strong growth is forecast for the second half of the year and into 2013. The shares have ticked up on the back of these figures but we rate them as a BUY.