ProPhotonix flags final figures as ahead of expectations

19th Dec 2016 14:45

(ShareCast News) - LED illumination system and laser diode module designer and manufacturer ProPhotonix announced on Monday that its results for the year ending 31 December are expected to be ahead of market expectations, with revenue forecast to be approximately $16m and operating income of around $1.3m.The AIM-traded company's CEO, Tim Losik, confirmed revenue for the year is expected to increase by approximately 11% over the 2015 comparable figure and operating income is expected to increase by 65%."The revenue growth stems from continuing customer development activity and significant revenue from two customers," he explained."Operating income growth comes from improved revenue mix, volume and cost containment."Losik said the company has experienced strong revenue from two customers in 2016 contributing approximately 20% of the total revenue."At present, these two customers are expected to continue contributing strong revenue in the first half of 2017, but we anticipate the run rate to decline during the second half of 2017 as the 2016 run rate is exceptional."There are sufficient new opportunities in our business pipeline which give us reasonable confidence to offset any potential decline from these accounts and to continue to grow our business in 2017."The board said it expects ProPhotonix's unaudited preliminary results to be released by the end of March, and the final audited results published by the end of April.