News blog

ProPhotonix Ltd

  • BY: Andrew Hore |
  • POSTED: 31/07/2011 |

LED light engines and laser diodes manufacturer ProPhotnix Ltd is showing steady quarter-on-quarter improvement in its performance with the medical sector fuelling its growth.

Revenues grew from $4.34m in the first quarter of 2011 to $4.58m in the second quarter to June 2011, while the loss was reduced from $214,000 to $176,000. First half revenues jumped from $7.15m to $8.91m and there was a sharp fall in the interim loss from $2.2m to $390,000. There was an improvement even if the loss on discontinued operations and other one-off charges in the corresponding period are taken into account.

Gross margins are edging up and reached 39.7% in the second quarter and could move higher. LED margins are higher than for laser diodes. LED revenues are set to overtake those of laser diodes.

Medical has become an increasingly important sector and it accounted for 24% of second quarter revenues. Europe dominates revenues but the appointment of Luster LightTech as distributor in China and Hong Kong should boost revenues in the region from later this year. The order book was worth $6.5m at the end of June 2011.

The company’s balance sheet has been improved by a £3.3m ($5.1m) placing at 14p a share organised by new broker Brewin Dolphin since the end of June 2011. The shares are currently trading at 14p. ProPhotonix joined Aim at the end of 2010 at 20p a share.

Net debt was $4.14m at the end of June 2011 so the cash will have left ProPhotonix with net cash. However, the cash will be invested in building up the company’s direct sales force and in developing new products. 

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