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Photonstar LED shines after housing association contract

The Association manages over 80,000 homes and the trial is part of a ‘smart estates’ programme to remotely monitor heating, light and temperature
smart lights
Trial will be part of a smart homes programme

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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