Dialight warns on full year profit, CEO starts review

10th Jun 2015 10:02

LED lighting maker Dialight has blamed a slowdown in orders for a predicted shortfall in full year revenue.The company, once part of Dutch giant Phillips, warned underlying operating profit for 2015 will be significantly below expectations.It also said results for the first half of this year will be less than the year before.Dialight said the reduction in orders can be linked in part to a slowdown in the oil and gas sector.In its AGM trading update, the company said while revenue growth in the first quarter exceeded expectations, there were a number of operational inefficiencies.In light of the poor performance, new group chief executive Michael Sutsko will lead a strategic review of the business focusing on operations, supply chain and product development. He will report back this autumn.Dialight will next report on 27 July, for the six month period ending 30 June 2015.Shares in the firm fell 35.85% to 480.09p at 10:01 on Wednesday.