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.