Proactiveinvestors United Kingdom PhotonStar LED Group PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom PhotonStar LED Group PLC RSS feed en Sat, 19 Jan 2019 21:16:15 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Photonstar LED raises £100,000 via placing to provide additional working capital, further strengthen its balance sheet ]]> https://www.proactiveinvestors.co.uk/companies/news/212755/photonstar-led-raises-100000-via-placing-to-provide-additional-working-capital-further-strengthen-its-balance-sheet-212755.html Photonstar LED Group PLC (LON:PSL) has raised gross proceeds of £100,000 via a placing to provide the company with additional working capital and further strengthen its balance sheet.

The AIM-listed group said the placing of 500mln new ordinary shares was undertaken by its joint broker Peterhouse Capital with new and existing investors at a price of 0.02p each, the same level that Photostar shares closed trading at on Wednesday after a 17% decline that session.

READ: PhotonStar LED bolsters its balance sheet with share placing to raise gross proceeds of £100,000

The designer and manufacturer of intelligent lighting and building control solutions said the net proceeds will also enable its board to evaluate new business opportunities.

In addition, the firm said, a total of 120mln new ordinary shares will be issued to James McKenzie, the company's CEO and Jonathan Freeman, its chairman in lieu of unpaid salaries, also at a price of 0.02p each.

On Monday, Photostar shares got a boost after the group said its discussions with a potential new Nomad to replace Northland Capital Partners, following that firm’s merger with SPAngel, has reached the due diligence process.

The group said it believes it will be possible that it will be able to announce the appointment of the new Nomad on or before the 31st January 2019, but added no guarantees can be given at this stage.

Photonstar also announced then the appointment of Martin Lampshire as a non-executive director with immediate effect. Lampshire has worked for a number of City-based brokers including Teather & Greenwood, Charles Stanely, Hichens Harrison and Daniel Stewart.

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Thu, 17 Jan 2019 07:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212755/photonstar-led-raises-100000-via-placing-to-provide-additional-working-capital-further-strengthen-its-balance-sheet-212755.html
<![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20190117070004_13937335/ Thu, 17 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20190117070004_13937335/ <![CDATA[RNS press release - Appointment of Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20190114070006_13932773/ Mon, 14 Jan 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20190114070006_13932773/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181220163920_13912111/ Thu, 20 Dec 2018 16:39:20 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181220163920_13912111/ <![CDATA[News - PhotonStar LED bolsters its balance sheet with share placing to raise gross proceeds of £100,000 ]]> https://www.proactiveinvestors.co.uk/companies/news/211208/photonstar-led-bolsters-its-balance-sheet-with-share-placing-to-raise-gross-proceeds-of-100000-211208.html PhotonStar LED Group PLC (LON:PSL) has raised gross proceeds of £100,000 from a placing of 500,000,000 new ordinary shares with new and existing investors at a price of 0.02p each.

The group said the net proceeds will provide the company with additional working capital and will also enable its board to initiate a further cost reduction programme and to evaluate new business opportunities.

READ: PhotonStar’s fixed lighting subsidiary placed into liquidation

The placing – which was undertaken by the company's joint broker Peterhouse Capital - will also strengthen the company's balance sheet, it added.

Photonstar shares closed trading on Thursday at 0.06p.

Last month, the group’s fixed LED lighting subsidiary, PhotonStar LED Limited, has been placed into liquidation.

PhotonStar had warned investors at the end of October that trading conditions for the subsidiary “continued to be very challenging” and that it was weighing up its options, which included a distressed sale.

The PhotonStar LED subsidiary generated the majority of the group's revenues, accounting for £1.15mln of the £1.33mln reported for the first half of 2018 but it also incurred the majority of the group's trading losses.

The group's trade finance facility borrowing was with the subsidiary, so its debts should be significantly reduced as a result of the unit going into administration.

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Fri, 14 Dec 2018 07:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211208/photonstar-led-bolsters-its-balance-sheet-with-share-placing-to-raise-gross-proceeds-of-100000-211208.html
<![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181214070002_13903568/ Fri, 14 Dec 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181214070002_13903568/ <![CDATA[News - PhotonStar’s fixed lighting subsidiary placed into liquidation ]]> https://www.proactiveinvestors.co.uk/companies/news/209588/photonstars-fixed-lighting-subsidiary-placed-into-liquidation-209588.html PhotonStar LED Group PLC’s (LON:PSL) fixed LED lighting subsidiary, PhotonStar LED Limited, has been placed into liquidation.

At the end of October, PhotonStar had warned investors that trading conditions for the subsidiary “continued to be very challenging” and that it was weighing up its options, which included a distressed sale.

READ: PhotonStar weighs up options for LED lighting subsidiary

A shareholder meeting was held yesterday (Monday), where it was decided that liquidation was the most suitable option.

“John Cullen of Menzies LLP, who is acting as liquidator to PhotonStar LED, will now seek to realise value in PhotonStar LED's assets for the benefit of its creditors,” read a brief statement on Tuesday.

The PhotonStar LED subsidiary generated the majority of the group's revenues, accounting for £1.15mln of the group's revenues of £1.33mln in the first half of 2018 but it also incurred the majority of the group's trading losses.

The group's trade finance facility borrowing was with the subsidiary, so its debts should be significantly reduced as a result of the unit going into administration.

Funding options being considered

The directors believe that the assets and the vast majority of the liabilities of PhotonStar LED are ring-fenced from the group's other operations.

Nevertheless, the losses run up by the struggling LED business mean the company will need to raise additional funds in the medium-term to keep the PhotonStar Technology subsidiary on the road.

“The group's directors are still considering both funding and strategic options for the group's remaining subsidiary PhotonStar Technology Limited.”

Shares fell by 16.7% to 0.05p on Tuesday afternoon.

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Tue, 20 Nov 2018 13:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209588/photonstars-fixed-lighting-subsidiary-placed-into-liquidation-209588.html
<![CDATA[RNS press release - Update on PhotonStar LED Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181120121426_13873738/ Tue, 20 Nov 2018 12:14:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181120121426_13873738/ <![CDATA[RNS press release - Nominated Adviser Status ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181101120613_13851617/ Thu, 01 Nov 2018 12:06:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181101120613_13851617/ <![CDATA[RNS press release - Appointment of Menzies over PhotonStar LED Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181031130801_13849760/ Wed, 31 Oct 2018 13:08:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181031130801_13849760/ <![CDATA[News - PhotonStar LED to put its fixed lighting subsidiary into administration ]]> https://www.proactiveinvestors.co.uk/companies/news/208201/photonstar-led-to-put-its-fixed-lighting-subsidiary-into-administration-208201.html PhotonStar LED Group PLC (LON:PSL) is to convene a virtual meeting of shareholders with a view to putting its Photonstar LED subsidiary into liquidation.

The subsidiary, which handles the legacy light-emitting diode (LED) fixed lighting side of the business, ceased trading as of today. The company alerted the market earlier this morning that it was considering selling off the business or putting it into administration.

The PhotonStar LED subsidiary generated the majority of the group's revenues, accounting for £1.15mln of the group's revenues of £1.33mln in the first half of 2018 but it also incurred the majority of the group's trading losses.

READ: PhotonStar swings to a profit as transformation plans ramp up

The group's trade finance facility borrowing was with the subsidiary, so the group's debts should be significantly reduced as a result of the unit going into administration.

The directors believe that the assets and the vast majority of the liabilities of PhotonStar LED are ring-fenced from the group's other operations.

Nevertheless, the losses run up by the struggling LED business means the company will need to raise additional funds in the medium-term to keep the PhotonStar Technology subsidiary on the road.

PhotonStar Technology Limited remains focused on the group's v2 halcyon cloudBMS software, halcyon PRO2, and the upgraded cloud service platform, cloudBMS.

PhotonStar Technology remains in discussions with several potential customers regarding these products but is yet to sign a material contract for the roll-out of Halcyon V2.

The decision to close the legacy business will not come as a big surprise to the market given the group had been flagging for some time that the unit had been under pricing pressure for some time.

While the hope had been that the group could manage the decline of its original business while it developed its new Internet of Things-based building solutions business, the group said this morning that it was apparent that the uplift in sales the subsidiary normally receives towards the end of the year would not be at the same level as in previous years.

Shares in PhotonStar lost two-thirds of their value on Wednesday, reducing the market capitalisation of the company to just over £1mln.

PhotonStar uses IBM technology to support their smart lighting solution https://t.co/40cqgayxzk #psl

— strati-fi (@stratifi) October 21, 2018

--- adds share price reaction and the announcement of a virtual meeting of shareholders ---

 

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Wed, 31 Oct 2018 07:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/208201/photonstar-led-to-put-its-fixed-lighting-subsidiary-into-administration-208201.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181031070005_13848511/ Wed, 31 Oct 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181031070005_13848511/ <![CDATA[News - Photonstar LED shines after housing association contract ]]> https://www.proactiveinvestors.co.uk/companies/news/207456/photonstar-led-shines-after-housing-association-contract-207456.html Lighting group PhotonStar LED Group PLC (LON:PSL) shares jumped on Friday following news the firm has signed a partnership with a major housing association in the south of England to trial its Halcyon range of smart heating and lighting appliances.

Over 80,000 homes are managed by the association and the trial is part of a ‘smart estates’ programme to remotely monitor heating, light and temperature.

READ: PhotonStar swings to a profit as transformation plans ramp up

The aim of the partnership is to digitise the management of the association's estate in order to reduce operating costs, allow residents to visualise building performance and manage issues to enhance customer experience, said the statement.

Data from the trials will also be integrated with other systems the association uses.

James McKenzie, PhotonStar’s chief executive, said: "Following the release of Halcyon V2 in May 2018, this Partnership represents a further step along the path of the Group's transformation into a software and services business.”

Halcyon V2 is fitted retrospectively into commercial buildings to reduce energy consumption and control the environment.

In late morning trading, Photonstar shares were 25% higher at 0.20p.

In a note to clients, analysts at 'house' broker Northland commented: "January’s disposal of Camtronics and the subsequent completion of Halcyon V2 represent important steps along the path toward the Group's transformation into a software and services business.

"The Partnership announced today will help refine Halcyon V2 software and products, with data collected being integrated into other systems the Association uses."

 -- Adds analysts comment, updates share price -- 

 

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Fri, 19 Oct 2018 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207456/photonstar-led-shines-after-housing-association-contract-207456.html
<![CDATA[RNS press release - Partnership with Housing Association ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181019070002_13834749/ Fri, 19 Oct 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20181019070002_13834749/ <![CDATA[News - PhotonStar swings to a profit as transformation plans ramp up ]]> https://www.proactiveinvestors.co.uk/companies/news/205973/photonstar-swings-to-a-profit-as-transformation-plans-ramp-up-205973.html PhotonStar LED Group PLC (LON:PSL) swung to a first-half profit and said its transformation into a software and services business was gathering pace.

The smart LED lighting manufacturer and cloud-based building management services group reported adjusted earnings (EBITDA) of £0.23mln for the six months to the end of June, up from a loss of £0.23mln a year ago. Revenues fell to £1.33mln from £2.26mln, reflecting the disposal of its Camtronics unit earlier this year.

READ: PhotonStar LED sees light at the end of the tunnel

The company announced the release of its next-generation v2 halcyon cloudBMSTM software (Halycon V2) in May and said progress had been encouraging and that a number of commercial trials were now underway.

“The product appears to have been well received but it is taking customers much longer to move from trial to deployment than was anticipated. Although nothing can be guaranteed, we are expecting to receive orders for full scale deployment by the end of 2018 and will update the market as these occur,” CEO James McKenzie said in a statement, adding that  2018 had been “a further step along the path” of the group's transformation into a software and services business.

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Fri, 28 Sep 2018 11:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205973/photonstar-swings-to-a-profit-as-transformation-plans-ramp-up-205973.html
<![CDATA[RNS press release - Half Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180928095609_13808713/ Fri, 28 Sep 2018 09:56:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180928095609_13808713/ <![CDATA[RNS press release - Warrant Exercise & Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180830070005_13772204/ Thu, 30 Aug 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180830070005_13772204/ <![CDATA[News - PhotonStar LED sees light at the end of the tunnel ]]> https://www.proactiveinvestors.co.uk/companies/news/203571/photonstar-led-sees-light-at-the-end-of-the-tunnel-203571.html The name PhotonStar LED Group PLC (LON:PSL) might not strike you as one describing a company operating in the field of the Internet of Things.

If that is the case, let me shed some light.

Having sold its Camtronics Vale subsidiary to management in January to the electronics components maker’s management, the spotlight has shifted even more away from a business model where it provided light emitting diode (LED) lighting solutions to the new build market to one where it is a software and services business focused on lighting and building management as a service.

Halcyon days

Its flagship solution is named halcyon, a retrofit building control & cloud-based building management technology that uses the Internet of Things (IoT) to reduce operating costs for businesses.

In May, the company released a new version of its halcyon cloudBMS product as it announced a proposed placing to raise additional working capital.

According to the firm, the latest version of halcyon cloudBMS, Halcyon V2, is characterised by its low cost, retrofit-able wireless monitoring and control platform, halcyonPRO2.

The new release included an updated software version for the halcyonPRO2, which includes monitoring of emergency lighting systems, energy clamps, leak detectors, water monitors and critical asset-monitoring devices, augmenting the regulation of heating and cooling, shading and lighting control of previous versions of the software.

The firm added that Halcyon V2 and the latest software release for halcyonPRO2 would combine to deliver a building management system as a service, via a monthly subscription model that enables building estate owners and managers to reduce energy and operating costs and experience greater transparency across their operations.

One of the key features of Halcyon V2 is its data analytics-ruled engine that allows notifications of performance changes or faults to be shared via email and SMS, as well as remote compliance reporting and energy monitoring.

The company is also aiming to offer Halcyon V2 to the restaurant and hospitality industry to solve issues regarding the monitoring and maintenance of walk-in freezers, air extraction systems, cooling and hot water systems and other critical assets.

PhotonStar added that the platform also provides a full cloud-based environment for the monitoring of buildings including leaks, room occupancy, temperature, CO2, humidity and noise.

Dr James McKenzie, PhotonStar chief executive, said: "We expect that the completion of the testing of Halcyon V2 will allow the group to progress beyond the various single site trials that we currently have in place and roll out its products across multiple sites, as a solution to customers' operational cost problems.

He added: “The cloud-based compliance reporting, IoT data analytics and fault notifications will mean that, once the system is installed, site visits should be reduced to essential maintenance work. We believe this will offer compelling cost savings for building owners, primarily by reducing the number of site visits by up to 90% in commercial buildings.”

Light at the end of the tunnel

Results for 2017 revealed why the company is pinning its hopes on the new business direction, albeit while keeping the legacy business the straight and narrow.

It posted an adjusted EBITDA loss for the year of £480,000, an improvement on the previous year’s LBITDA of £700,000. The operating loss was £1.19mln compared to £1.38mln the year before.

While losses were lower, so were revenues – at £4.5mln, compared to £5.3mln the year before.

Trading continued to be difficult in the traditional LED business with competitive price pressure showing no sign of abating. As a result of increased demand for its circadian lighting products in the health care sector, the revenues for 2018 were expected to grow for this product line. This product is currently on trial with three care home groups with over 40 care homes in their estates.

Management conceded the sales performance in 2017 was disappointing but said it is now a much leaner business, while its balance sheet has been strengthened.

At the end of 2017, net debt stood at £789,000, versus debt of £606,000 a year earlier but in 2018 the group successfully raised £881,000 through the issue of new equity in February and May, while the £150,000 received from the sale of Camtronics Vale also boosted the coffers.

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Thu, 23 Aug 2018 11:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203571/photonstar-led-sees-light-at-the-end-of-the-tunnel-203571.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180821164042_13763504/ Tue, 21 Aug 2018 16:40:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180821164042_13763504/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180821163525_13763497/ Tue, 21 Aug 2018 16:35:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180821163525_13763497/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180731121336_13737963/ Tue, 31 Jul 2018 12:13:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180731121336_13737963/ <![CDATA[News - Photonstar says 2017 was ‘a crucial year’ for its future ]]> https://www.proactiveinvestors.co.uk/companies/news/199896/photonstar-says-2017-was-a-crucial-year-for-its-future-199896.html Photonstar LED Group PLC (LON:PSL) has announced that 2017 was a crucial year for the company’s future as a software and services business.

The AIM-listed lightning and building control designer said its said adjusted EBITDA loss for the year ended 31 December 2017 was down to £0.48mln from £0.7mln a year ago, while operating loss was £1.19mln compared to £1.38mln.

Revenue fell 15% to £4.5mln from £5.3mln while gross profit dropped 17.7% to £1.45mln to £1.76mln.

READ: PhotonStar LED releases next generation of control platform as it completes share placing

But Photonstar said it is making progress in transitioning from its traditional LED product markets into becoming a retrofit connected lighting and building management business.

Meanwhile, the group continues to focus on maximising its traditional revenues and maintaining its margins and investing in the enhancement of its halcyon platform and its building management services.

James McKenzie, CEO of PhotonStar, said: “The success of both the trials for v2 halcyon cloudBMS and the control platform, halcyonPRO2 represent significant developments for PhotonStar and highlight the Group's future growth prospects.”

He added: “The v2 cloudBMS software has been well received and the Group is currently making good commercial progress.  I look forward to providing shareholders with further updates in due course."

In afternoon trading, Photonstar’s shares fell 5.6% to 0.25p. 

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Fri, 29 Jun 2018 16:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199896/photonstar-says-2017-was-a-crucial-year-for-its-future-199896.html
<![CDATA[RNS press release - Final Results and Posting of Annual Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180629154010_13700066/ Fri, 29 Jun 2018 15:40:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180629154010_13700066/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180522105216_13650428/ Tue, 22 May 2018 10:52:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180522105216_13650428/ <![CDATA[RNS press release - ?450,000 Placing via Accelerated Bookbuild ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180502120542_13627459/ Wed, 02 May 2018 12:05:42 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180502120542_13627459/ <![CDATA[News - PhotonStar LED releases next generation of control platform as it completes share placing ]]> https://www.proactiveinvestors.co.uk/companies/news/196215/photonstar-led-releases-next-generation-of-control-platform-as-it-completes-share-placing-196215.html PhotonStar LED Group PLC (LON:PSL) has released a new version of its halcyon cloudBMS product as it announced a proposed placing to raise additional working capital.

The AIM-listed lighting and building control designer said in a statement that the latest version of halcyon cloudBMS, Halcyon V2, is characterised by its low cost, retrofit-able wireless monitoring and control platform, halcyonPRO2.

READ: PhotonStar LED raises £430,000 via share placing for roll-out of smart building lights

The new release included an updated software version for the halcyonPRO2, which includes monitoring of emergency lighting systems, energy clamps, leak detectors, water monitors and critical asset-monitoring devices, augmenting the regulation of heating and cooling, shading and lighting control of previous versions of the software.

The firm added that Halcyon V2 and the latest software release for halcyonPRO2 would combine to deliver a building management system as a service, via a monthly subscription model that enables building estate owners and managers to reduce energy and operating costs and experience greater transparency across their operations.

One of the key features of Halcyon V2 is its data analytics-ruled engine that allows notifications of performance changes or faults to be shared via email and SMS, as well as remote compliance reporting and energy monitoring.

The company is also aiming to offer Halcyon V2 to the restaurant and hospitality industry to solve issues regarding the monitoring and maintenance of walk-in freezers, air extraction systems, cooling and hot water systems and other critical assets.

PhotonStar added that the platform also provides a full cloud-based environment for the monitoring of buildings including leaks, room occupancy, temperature, CO2, humidity and noise.

Share placing through accelerated bookbuild

In addition to the new software, the group also said in a separate statement that it had raised £450,000 through a share placing to strengthen its balance sheet and generate working capital ahead of the rollout of Halcyon V2.

This follows a previous placing in February when the company raised £430,000 to fund the rollout of its cloud-based lighting solution for buildings.

Dr James McKenzie, PhotonStar chief executive, said: "We expect that the completion of the testing of Halcyon V2 will allow the Group to progress beyond the various single site trials that we currently have in place and roll-out its products across multiple sites, as a solution to customers' operational cost problems.

He added: “The cloud-based compliance reporting, IoT data analytics and fault notifications will mean that, once the system is installed, site visits should be reduced to essential maintenance work. We believe this will offer compelling cost savings for building owners, primarily by reducing the number of site visits by up to 90% in commercial buildings.”

--Adds outcome of share placing--

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Wed, 02 May 2018 07:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196215/photonstar-led-releases-next-generation-of-control-platform-as-it-completes-share-placing-196215.html
<![CDATA[RNS press release - Release of Halcyon V2 and Accelerated Bookbuild ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180502070014_13626608/ Wed, 02 May 2018 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180502070014_13626608/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180420143257_13613192/ Fri, 20 Apr 2018 14:32:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180420143257_13613192/ <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180416121512_13605916/ Mon, 16 Apr 2018 12:15:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180416121512_13605916/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180323091753_13578943/ Fri, 23 Mar 2018 09:17:53 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180323091753_13578943/ <![CDATA[RNS press release - Result of General Meeting & Capital Reorganisation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180316104152_13570070/ Fri, 16 Mar 2018 10:41:52 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180316104152_13570070/ <![CDATA[RNS press release - Conditional Placing of £430,000 & General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180227164341_13548029/ Tue, 27 Feb 2018 16:43:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180227164341_13548029/ <![CDATA[News - PhotonStar LED raises £430,000 via share placing for roll-out of smart building lights ]]> https://www.proactiveinvestors.co.uk/companies/news/192294/photonstar-led-raises-430000-via-share-placing-for-roll-out-of-smart-building-lights-192294.html PhotonStar LED Group PLC (LON:PSL) has raised £430,000 via a share placing with new and existing investors and directors of the company to fund the roll-out of its cloud-based Internet of Things lighting solution for buildings.

The shares were placed at a price of 0.15p per share. Photonstar shares closed trading on Tuesday at 0.28p, down 35% on Monday's close.

READ: Photonstar LED sells electronic components manufacturing unit

The AIM-listed group said the halcyon system has already been installed in several sites in the company's target markets of housing associations, hospitality, student accommodation and offices.

In addition, the firm said, there are 3 trials for cloudBMS v2 which are currently ongoing and a further 5 trials are planned for installation before the end of H1 2018.

The company is also actively engaged in discussions with a further 10 organisations which have large multisite property portfolios, all of whom are looking to reduce building operating costs. Halcyon is wireless and therefore a cost-effective system to install into existing buildings, which represent the majority of these organisation's estates.

Shares sub-divided

The group said as the placing price is less than the current 1p nominal value of its existing ordinary shares, it will be necessary for the company to carry out a subdivision of its existing ordinary shares into one new ordinary share of 0.01p and one deferred share of 0.99p to enable the placing to complete.

It added that the new ordinary shares will continue to carry the same rights as attached to the existing ordinary shares, save for the reduction in nominal value.

Photostar said two of its directors, chief executive officer James Mackenzie and chief technology officer Majid Zoorob, have subscribed for around 19.99mln of the placing shares – 13.33mln and 6.66mln respectively.

As a result, the firm added, McKenzie’s holding of ordinary shares in the company following the placing will be 6.1%, and Zoorob’s holding will be 3.6%.

Walker Cripps clients to hold 15.6% stake

In addition, Photonstar said, Walker Crips PLC on behalf of its clients, is subscribing for 43.5mln placing shares meaning the broker, on behalf of its clients, will have an interest representing 15.6% of the company's enlarged issued share capital.

PhotonStar also revealed that it has appointed Peterhouse – which undertook the placing - as the company's joint broker with immediate effect.

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Tue, 27 Feb 2018 16:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192294/photonstar-led-raises-430000-via-share-placing-for-roll-out-of-smart-building-lights-192294.html
<![CDATA[RNS press release - Conditional Placing of £430,000 & General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180227153414_13547932/ Tue, 27 Feb 2018 15:34:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180227153414_13547932/ <![CDATA[News - Photonstar LED sells electronic components manufacturing unit ]]> https://www.proactiveinvestors.co.uk/companies/news/190849/photonstar-led-sells-electronic-components-manufacturing-unit-190849.html Photonstar LED Group PLC (LON:PSL) has substantially reduced its debt through the sale of its Camtronics Vale subsidiary to the electronic components maker’s management.

The company sold the unit for £150,000, but the net effect is to reduce the company’s debt by around £460,000, which was more than half of the group’s outstanding debt prior to the transaction.

The disposal marks another step towards Photonstar’s transition into a software and services business focused on lighting and building management as a service.

The smart LED lighting solutions specialist is in the process of shifting emphasis from its traditional business model, providing LED lighting to the new build market, to one where its state-of-the-art Halcyon Internet of Things (IoT) solution is retrofitted into existing buildings, resulting in lower running costs for the owners of the buildings.

At this stage, however, the group’s commitment to the halcyon product range is experiencing teething problems, with modifications to the systems that were identified during trials in 2017 taking longer to implement than expected, which has resulted in delays to full roll-outs of the product.

PhotonStar continues to work in a highly constructive manner with a number of clients who anticipate that roll- outs of the system will begin shortly, but the group and the clients want to ensure that the modifications are successfully completed and tested before a full roll-out begins, the group said in a trading statement. 

The group now expects that the full roll-outs will commence in the first half of 2018.

Although the final numbers have not yet been audited, Photonstar said it expects revenue for 2017 will be £4.7mln, down from £5.4mln.

The underlying loss, or LBITDA, is expected to be in the region of £350,000 versus LBITDA the year before of £700,000.

As of 31 December 2017, the group had drawn down roughly £760,000 of its invoice financing debt out of its total maximum facility of £1.65mln and had an unaudited cash balance of some £400,000.

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Tue, 30 Jan 2018 15:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190849/photonstar-led-sells-electronic-components-manufacturing-unit-190849.html
<![CDATA[RNS press release - Disposal of Camtronics Vale Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180130143001_13514839/ Tue, 30 Jan 2018 14:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180130143001_13514839/ <![CDATA[News - PhotonStar has its head in the cloud as light on its legacy business fades ]]> https://www.proactiveinvestors.co.uk/companies/news/190033/photonstar-has-its-head-in-the-cloud-as-light-on-its-legacy-business-fades-190033.html PhotonStar LED Group PLC (LON:PSL) produces intelligent lighting and intelligent building solutions that are increasingly using the power of the cloud.

In a nutshell, the story of the company is one of a British designer pinning its hopes on new technology as its legacy technology slowly trots off into the sunset.

READ: PhotonStar expecting all business units to make a positive contribution in the second half

The smart LED lighting solutions specialist is in the process of shifting emphasis from its traditional business model, providing LED lighting to the new build market, to one where its state-of-the-art Halcyon Internet of Things (IoT) solution is retrofitted into existing buildings, resulting in lower running costs for the owners of the buildings.

The company has three divisions: PhotonStar LED is the LED lighting fixtures business focussed on the new build market; PhotonStar Technology is responsible for the flagship Halcyon IoT technology; and Camtronics Vale is the division that provides high-quality contract electronics manufacturing services.

In its half-year results, covering the first six months of 2017, underlying losses more than halved as it cut costs in reaction to tightening market conditions.

The Halcyon system has been installed in a number of market sectors, prompting users to ask for a number of enhancements and amendments, which has led to delays in moving from the trial phase to commercial roll-out.

New trials for HalcyonPRO and cloudBMS

The fourth quarter of 2017 saw several new trials for the HalcyonPRO and cloudBMS systems kick off with organisations that have multiple properties in the healthcare, hospitality and housing association sectors.

The Halcyon system for building controls expands on a prior generation of a low-cost, wireless monitoring and control platform that served the retrofit market.

“Our connectivity is ‘retrofitable’ and unique in the sense that wireless is so cheap to install. It is around a fifth of the [cost of the] wired solution,” explained James McKenzie, the chief executive officer of PhotonStar.

The company has included additional functionality, with the ability to regulate heating and cooling, shading and power management as well as the existing lighting and environmental sensor controls.

The group’s Halcyon cloudBMS software, which remotely connects multiple buildings, is built on a partnership with IBM’s Watson IoT platform that segues with the US technology giant’s Maximo and Tririga facilities management systems.

The partnership with IBM was not coincidental; the technology and consulting giant’s systems are embedded with around 80% of building managers worldwide that are also potential customers of PhotonStar.

Being able to remotely control the whole building ecosystem across multiple sites can lead to huge energy savings.

Significant further economies can be garnered from fixing a device before it goes wrong using what’s called predictive maintenance.

The Photonstar boss reckons the group’s service “will be able to save 80% of the trips to site.”

Meanwhile, price-cutting remains the order of the day in the traditional lighting business, to which PhotonStar has responded by focusing more on the top end of the market, where it can maintain margins more easily.

Second half to lift full year results

In the first half of 2017, revenue eased to £2.26mln from £2.53mln the year before.

LED Lighting Fixtures revenues fell by 14% to £1.36mln from £1.59mln the year before, with losses narrowing to £0.05mln from a loss of £0.25mln the year before.

At the Camtronics Vale subsidiary, contract revenues were up 16% year-on-year to £0.79mln from £0.68mln the year before, with the company breaking even in the period.

Halcyon/Light Engine revenues fell 58% to £0.11mln from £0.26mln the year before, resulting in a loss of £0.13mln from £0.10mln the year before.

For the group as a whole, the underlying loss, or LBITDA, was £0.23mln, versus a loss of £0.54mln the previous year.

The pre-tax loss narrowed to £0.60mln from £0.91mln.

Notwithstanding the need to fine tune the Halcyon system as a result of feedback from the paid-for trials, the research and development work on the creation of the system is now largely complete, and future development work will concentrate on improvements and new customer-led solutions.

As for current trading, it continues to be difficult in the LED fixture market, but the company has seen revenue improvements in all of its business units in the current quarter and currently expects the second half of the year to make a positive contribution to the results for the full year.

“Management remain confident about the market potential for the halcyonPRO2 and its halcyon cloudBMS platform. Progress has been slower than anticipated on finalising the cloudBMS product to customer requirements and it is now expected that this will occur in Q4 2017; however, several new trials for the halcyon cloudBMS platform are now underway which should result in further roll out contracts during 2018," said James McKenzie, chief executive of PhotonStar.

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Mon, 15 Jan 2018 12:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190033/photonstar-has-its-head-in-the-cloud-as-light-on-its-legacy-business-fades-190033.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180108130508_13488687/ Mon, 08 Jan 2018 13:05:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20180108130508_13488687/ <![CDATA[RNS press release - Grant of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20171113070005_13428561/ Mon, 13 Nov 2017 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20171113070005_13428561/ <![CDATA[News - PhotonStar expecting all business units to make a positive contribution in the second half ]]> https://www.proactiveinvestors.co.uk/companies/news/184733/photonstar-expecting-all-business-units-to-make-a-positive-contribution-in-the-second-half-184733.html Underlying losses more than halved at lighting solutions provider PhotonStar LED Group PLC (LON:PSL), as it cut costs in reaction to tightening market conditions.

The smart light emission diode (LED) lighting solutions specialist is in the process of shifting emphasis from its traditional business model, providing LED lighting to the new build market, to one where its state-of-the-art Halcyon Internet of Things solution is retrofitted into existing buildings, resulting in lower running costs for the owners of the buildings.

READ: Photonstar raises cash to fund roll-out of IoT platform

The Halcyon system has been installed in a number of market sectors, prompting users to ask for a number of enhancements and amendments, which has led to delays in moving from the trial phase to commercial roll-out.

The fourth quarter will see several new trials for the HalcyonPRO and cloudBMS systems kick off with organisations that have multiple properties in the healthcare, hospitality and housing association sectors.

Meanwhile, price-cutting remains the order of the day in the traditional lighting business, to which PhotonStar has responded by focusing more on the top end of the market, where it can maintain margins more easily.

First-half results

In the first half of the year, revenue eased to £2.26mln from £2.53mln the year before.

LED Lighting Fixtures revenues fell by 14% to £1.36mln from £1.59mln the year before, with losses narrowing to £0.05mln from a loss of £0.25mln the year before.

READ: PhotonStar LED's boss “excited” by application opportunities for its internet-of-things platforms

At the Camtronics Vale subsidiary, contract revenues were up 16% year-on-year to £0.79mln from £0.68mln the year before, with the company breaking even in the period.

Halcyon/Light Engine revenues fell 58% to £0.11mln from £0.26mln the year before, resulting in a loss of £0.13mln from £0.10mln the year before.

For the group as a whole, the underlying loss, or LBITDA, was £0.23mln, versus a loss of £0.54mln the previous year.

The pre-tax loss narrowed to £0.60mln from £0.91mln.

Notwithstanding the need to fine tune the Halcyon system as a result of feedback from the paid-for trials, the research and development work on the creation of the system is now largely complete, and future development work will concentrate on improvements and new customer-led solutions.

As for current trading, it continues to be difficult in the LED fixture market, but the company has seen revenue improvements in all of its business units in the current quarter and currently expects the second half of the year to make a positive contribution to the results for the full year.

“Management remain confident about the market potential for the halcyonPRO2 and its halcyon cloudBMS platform. Progress has been slower than anticipated on finalising the cloudBMS product to customer requirements and it is now expected that this will occur in Q4 2017; however, several new trials for the halcyon cloudBMS platform are now underway which should result in further roll out contracts during 2018," said James McKenzie, chief executive of PhotonStar. 

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Thu, 28 Sep 2017 08:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/184733/photonstar-expecting-all-business-units-to-make-a-positive-contribution-in-the-second-half-184733.html
<![CDATA[RNS press release - Half Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170928070003_13377990/ Thu, 28 Sep 2017 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170928070003_13377990/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170921110001_13370958/ Thu, 21 Sep 2017 11:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170921110001_13370958/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170621121812_13268454/ Wed, 21 Jun 2017 12:18:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170621121812_13268454/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170602151354_13248138/ Fri, 02 Jun 2017 15:13:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170602151354_13248138/ <![CDATA[RNS press release - Posting of Annual Report and Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170531070002_13243087/ Wed, 31 May 2017 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170531070002_13243087/ <![CDATA[News - PhotonStar LED expects second quarter EBITDA to turn positive ]]> https://www.proactiveinvestors.co.uk/companies/news/178254/photonstar-led-expects-second-quarter-ebitda-to-turn-positive-178254.html Smart LED light solutions designer and manufacturer PhotonStar LED Group PLC (LON:PSL) is feeling more confident about its product line after attending an industry conference.

Last year was a tough one for the group, as the traditional lighting business came under significant pressure in worsening market conditions.

The group responded by making cost savings as it focused on evolving its Halcyon business to a software solutions model.

If the second half of last year, with the uncertainty caused by the Brexit vote, was a gloomy one for the group, morale has been lifted by the company’s recent participation in the IBM InterConnect 2017 Conference, with management now more confident it is on the right track with the halcyonPRO2 product and halcyon CloudBMS platform.

The group's proprietary Halcyon technology is a scalable, secure wireless Internet of Things platform for retrofitting into commercial buildings.

The ability of the system to gather and report near real time data has created significant interest from a wide range of industry sectors that regard this ability as a key part of their future needs requirements.

Halcyon is on trial at a number of customers, while the group is also optimistic about its continued collaboration with computing titan IBM, which could lead to a steady flow of introductions by IBM to potential customers.

The need to move to a more cutting edge technology was demonstrated by full-year results for 2016, released on Tuesday, that showed a decline in revenue to £5.3mln from £6.9mln the year before.

The decline was partly due to continued price pressure in the group’s “old school” business and partly due to a conscious decision to move away from light fixtures to intelligent lighting solutions and building control systems.

The first quarter of 2017 was a subdued one but the company has seen an up-tick in revenue and, looking at the project pipeline, management expects this upturn to continue for the rest of this quarter and into the third.

Underlying earnings (EBITDA) remained negative in 2017, with PhotonStar posting a loss of £0.70mln, versus a loss of £0.24mln the year before.

The good news is that the revenue improvement in the second quarter, allied with the cost savings the company has put in place, means that EBITDA is expected to be positive on a monthly basis in the second quarter.

Cash at the end of 2016 stood at £230,000, versus £200,000 at the end of 2015, and borrowings had been reduced to £830,000 from £1.04mlm; net debt, therefore, stood at £610,000, versus £840,000 a year earlier.

“The group entered 2017 as a much leaner business with a significantly reduced cost base,” said chief executive James McKenzie.  

“The research and development work that we have undertaken over the last three years for the creation of Halcyon and halcyonPRO2 is now largely complete with current and future development work concentrating on improvements, cloud service models, new solutions and markets for Halcyon rather than the creation of the system itself,” he added.

Shares in PhotonStar dimmed a little on the results, falling from 2p to 1.93p.

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Wed, 24 May 2017 10:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/178254/photonstar-led-expects-second-quarter-ebitda-to-turn-positive-178254.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170524070008_13236151/ Wed, 24 May 2017 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170524070008_13236151/ <![CDATA[News - Photonstar raises cash to fund roll-out of IoT platform ]]> https://www.proactiveinvestors.co.uk/companies/news/177288/photonstar-raises-cash-to-fund-roll-out-of-iot-platform-177288.html High-flying PhotonStar LED Group PLC (LON:PSL) has raised £465,000 through a placing of 37.2mln shares at 1.25p a throw.

The net proceeds of the placing will be used to fund the proposed roll out of the halcyonPRO2 and its halcyon CloudBMS platform as per the announcement of 28 April 2017.

READ PhotonStar LED shares surge on roll-out Internet of Things system for student accommodation SIGN UP to the Proactive Investors newsletter

The company’s shares have increased fivefold since that announcement and reading between the lines, the company could have raised more cash through the issue of shares but that would have required some form of open offer or rights issue rather than a share placing, and for small companies such as Photonstar – valued at £6mln – time is often of the essence when it comes to raising cash.

The shares issued represent around 16.5% of the enlarged share capital of the company.

Directors put their hands in their pockets 

Chief executive James McKenzie purchased 2.28mln newly issued shares, lifting his stake in the company to 8.1%, while chief technology officer Majd Zoorob bought 960,000 shares, raising his stake to 5.4%.

"We are very grateful for the continuing support that the company's existing shareholders have shown with regards to this placing,” McKenzie said.

“As detailed in January's trading update, the company experienced challenging trading conditions during the second half of 2016, which continued during the first quarter of 2017; however, following the company's participation at the IBM InterConnect 2017 Conference in March, management have felt more confident about the company's prospects for 2017 and beyond. 

“This sentiment was further endorsed by the letter of intent PhotonStar recently received from a key customer regarding the proposed roll out of the halcyonPRO2 and its halcyon CloudBMS platform, which has been well received by the market. A period of hard work lies ahead, but this placing allows PhotonStar to look forward to securing purchase orders relating to the proposed Halcyon roll out with renewed optimism," he added.

SIGN UP to the Proactive Investors newsletter

 

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Thu, 04 May 2017 07:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/177288/photonstar-raises-cash-to-fund-roll-out-of-iot-platform-177288.html
<![CDATA[RNS press release - Placing to raise £465,000 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170503172410_13213339/ Wed, 03 May 2017 17:24:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3382/LSE20170503172410_13213339/ <![CDATA[News - PhotonStar LED's boss “excited” by application opportunities for its internet-of-things platforms ]]> https://www.proactiveinvestors.co.uk/companies/news/177056/photonstar-led-s-boss-excited-by-application-opportunities-for-its-internet-of-things-platforms-177056.html Dr James McKenzie, chief executive of PhotonStar LED Group PLC (LON:PSL) is “really quite excited” by the application opportunities for the firm’s internet-of-things (IoT) building services platforms after getting its first letter of intent for a commercial deal.

PhotonStar shares soared over 250% higher today after it told investors that it has received a letter of intent setting out a proposed roll-out from a UK-based student accommodation group.

The AIM-listed company said some 50,000 of its halcyonPRO2 and CloudBMS systems intelligent lighting and building control platforms will be installed by the group following trials for nine months from July 2016 across a total of 167 rooms at one of its sites.

READ: PhotonStar LED shares surge on roll-out internet of things system for student accommodation CLICK HERE: For a daily round-up of all the Proactive news

In an interview with Proactive Investors after the news, McKenzie said the student accommodation firm – which he declined to name – has around 125-130 sites, located across 24 UK cities and it will be evaluating other possible uses for the IoT platforms.

The PhotonStar boss said the platforms’ usage is all about “taking the man out of the loop” reducing costs and site visits for the customer and intrusion for the students from ‘traditional’ engineer visits.

Deal “is a great first indicator of where we can go"

McKenzie said this deal “is a great first indicator of where we can go, and what can be done”.

He added that with the systems running many other applications can be added to the platforms, for example automatic door and window closing, all operated  by cloud-based monitoring.

READ: The investment case for PhotonStar

The group said the roll-out to each site will see separate purchase orders rather than a single formal contract covering all the installations.

McKenzie said: “The site by site installation of halcyon is expected to take approximately 18 months and we are excited at the opportunity to evaluate other cost saving opportunities that exist for the customer.”

PhotonStars’ chief executive also pointed out that the group has around 8 or 9 other trials running for its IoT platforms currently, in sectors such as heathcare and banking.

McKenzie said all of the trials are at different stages but are “coming along”, and PhotonStar is learning together with the companies just what its platforms can do.

CLICK HERE: For a daily round-up of all the Proactive news ]]>
Fri, 28 Apr 2017 14:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/177056/photonstar-led-s-boss-excited-by-application-opportunities-for-its-internet-of-things-platforms-177056.html