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Price war dims PhotonStar’s revenues

The LED light designer saw revenues and profits fall in 2015 as competitors sparked a price war

LED light bulbs
PhotonStar CEO James McKenzie believes the business is "stronger" beacuse of its difficult year

LED light designer and manufacturer PhotonStar LED Group PLC (LON:PSL) has reported a fall in profits and revenues for 2015.

Revenues for the year fell 4% to £6.9mln, while gross profit also fell to £2.49mln, a 6% decline from 2014.

The lighting firm also reported a pre-tax loss of £3.03mln compared to £1.57mln in 2014, and net debt also increased.

The British company said the weak results were largely due to competitors slashing their prices.

“The traditional lighting business…was affected by significant competitor price reductions, resulting in a slight decline in revenues and increased pressure on profit margins,” said chief executive James McKenzie.

Despite the poor performance, PhotonStar says it entered this year a “much stronger business” as a result.

The group says it is trading “broadly in line” with expectations so far this year.

Shares were flat at 2.75p.

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