PhotonStar LED's full-year loss widens due to strong price competition

29th May 2015 14:25

Photonstar LED Group's full-year results were hurt by "significant" price reductions from competitors in its fixed lighting business.As a result, revenues fell 23.7% to £7.2m and losses before tax increased to £1.57m from £0.73m the year before.Sales of light LED luminaires fell 18% to £6.9m, while total sales decreased 24% to £7.19m.On the bright side, the group acquired the Halcyon system in November, which will help the business to expand its market in retrofit dimmable white, colour-tuneable and circadian lighting.It also noted it expects to post earnings before interest, tax, depreciation and amortisation (EBITDA) profitability in the next six months, and expects that the numerous test instalations done during the first months of the year will begin to generate sales.Chief executive James McKenzie said: "The board anticipates that the group will achieve EBITDA profitability over the next six months as recently introduced fixed lighting products and our intelligent HalcyonTM lighting system drive revenue growth in the current year and beyond."