Dialight
plc
("Dialight" or the "Group")
Update
Announcement
Dialight plc (LSE: DIA.L), the
global leader in LED lighting for heavy industrial applications,
today publishes the following update announcement.
Trading update and preliminary
announcement date
The Company announced a change in
accounting year (from 31 December 2023 to 31 March 2024) in a
trading update on 30 January 2024, and released its second interim
results on 19 February 2024. Trading for the last 3 months of
FY2023/24 through to 31 March 2024 remained in line with management
expectations. The Company intends to announce its preliminary
results in mid/late July 2024.
Transformation plan update
A further update on progress against
the transformation plan will be provided in the preliminary
results.
Non-core disposal
Good progress has been made on the
disposal of one of the non-core businesses, with heads of terms
signed and final documentation well advanced.
Sanmina litigation update
Dialight has previously
confirmed that a trial date has been set for 15 July
2024, subject to any further motions and/or mediation, and is
anticipated to last for 10 days. Preparations for that trial
are well underway. The Company is currently waiting for
judgments to be released on a number of pre-trial motions and will
make further announcements if and when appropriate. Further
details of Dialight's claim against Sanmina, including a detailed
Q&A, can be accessed at
www.dialight.com/ir/shareholder-information/sanmina-litigation/.
Change in reporting
currency
In the second interim results announced on 19 February 2024,
the Company confirmed that it was
reviewing whether it remained appropriate
to continue to report the Group's results for the 15-month
period ending 31 March 2024 in UK sterling, noting the translational differences in reported results that arise from
movements in foreign exchange rates due to most of the Group's
revenues, costs, and financing being denominated in US dollars.
To mitigate this, the Board has determined that that
the preliminary results will be reported in US dollars.
Date of Annual General Meeting
The Company intends to hold its
annual general meeting on Monday 23 September 2024.
Broker appointment
Dialight is pleased to confirm the
appointment of Investec Bank plc as its financial adviser and
corporate broker.
Contacts:
Dialight plc
Tel: +44 (0)203 058 3542
Steve Blair, CEO
Carolyn Zhang, CFO
Investec Bank plc (Financial Adviser
and Corporate Broker)
Tel: +44 (0)207 597 5970
Christopher Baird / James
Rudd
About Dialight:
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
the main operations in
the USA, UK, Mexico, Malaysia and Singapore, Australia.
To find out more about Dialight,
visit www.dialight.com.