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Dialight PLC on Monday reported a swing to profit in 2021 on strong customer demand across its business segments and a recovery in its end markets.
In 2021, the London-based industrial LED lighting technology and solutions company swung to a pretax profit of £700,000 from a loss of £10.1 million in 2020.
This was on revenue growth of 11% to £131.6 million from £119.0 million.
Dialight credited this to a robust Maintenance, Repair, & Operations market and strong customer demand across its business segments. The revenue growth also reflects ‘some’ recovery in its end markets and reclaimed market share, it said.
The company noted some negative impact from supply chain disruption and cost inflation, but said that it navigated these challenges ‘well,’ by adjusting inventory levels, production and prices proactively.
Dialight said that it has made a good start to the year, with order intake ahead of the same period last year and a strong order pipeline.
Looking ahead, Dialight expects to make further progress this year through revenue growth and improved margins.
‘Our products meet the needs of our customers to enhance safety, reduce energy and maintenance costs and critically will help them achieve net-zero carbon. The market opportunity is substantial and Dialight is well-positioned to deliver its growth strategy,’ Chief Executive Fariyal Khanbabi said.
Shares were up 4.1% at 307.04 pence each on Monday morning in London.
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