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Photonstar says 2017 was ‘a crucial year’ for its future

The AIM-listed lightning and building control designer said its revenue for the year ended 31 December 2017 fell 15 % to £4.5mln from £5.3mln and gross profit fell 17.7% to £1.45mln to £1.76mln
Photonstar
Photonstar said it is making progress in transitioning from its traditional LED product markets into becoming a retrofit connected lighting and building management business

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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PhotonStar LED Group PLC Timeline

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