Update Announcement
Dialight updates on trading, transformation progress, non-core disposal, Sanmina litigation and switches reporting currency to US dollars.
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Dialight plc (LSE: DIA.L), the global leader in LED lighting for heavy industrial applications, today publishes the following update announcement.
Trading update and preliminary announcement date
The Company announced a change in accounting year (from 31 December 2023 to 31 March 2024) in a trading update on 30 January 2024, and released its second interim results on 19 February 2024. Trading for the last 3 months of FY2023/24 through to 31 March 2024 remained in line with management expectations. The Company intends to announce its preliminary results in mid/late July 2024.
Transformation plan update
A further update on progress against the transformation plan will be provided in the preliminary results.
Non-core disposal
Good progress has been made on the disposal of one of the non-core businesses, with heads of terms signed and final documentation well advanced.
Sanmina litigation update
Dialight has previously confirmed that a trial date has been set for 15 July 2024, subject to any further motions and/or mediation, and is anticipated to last for 10 days. Preparations for that trial are well underway. The Company is currently waiting for judgments to be released on a number of pre-trial motions and will make further announcements if and when appropriate. Further details of Dialight's claim against Sanmina, including a detailed Q&A, can be accessed at www.dialight.com/ir/shareholder-information/sanmina-litigation/.
Change in reporting currency
In the second interim results announced on 19 February 2024, the Company confirmed that it was reviewing whether it remained appropriate to continue to report the Group's results for the 15-month period ending 31 March 2024 in UK sterling, noting the translational differences in reported results that arise from movements in foreign exchange rates due to most of the Group's revenues, costs, and financing being denominated in US dollars. To mitigate this, the Board has determined that that the preliminary results will be reported in US dollars.
Date of Annual General Meeting
The Company intends to hold its annual general meeting on Monday 23 September 2024.
Broker appointment
Dialight is pleased to confirm the appointment of Investec Bank plc as its financial adviser and corporate broker.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.