The designer and manufacturer of smart LED lighting solutions said it will use the proceeds of the placing to maximise the commercial opportunities of its Halcyon system. Halcyon is a wireless retrofit lighting system that includes sensors and is controlled wirelessly by a powerful, low cost server.
The placing, which will represent approximately 21.9% of the company's issued share capital, was conducted by
In a trading statement Friday, the company also said group revenue in the first half fell to
In addition, several large new-build construction projects which were expected to be completed in the first half have been delayed into the second half, primarily due to adverse weather conditions.
Despite the reduction in first half sales, the company said it maintained adjusted earnings before interest, taxation, depreciation and amortisation through a focus on product margins and continued tight cost control. Adjusted EBITDA held steady at a
Looking ahead, the company said it is "very comfortable that the full-year results will be in line with expectations."
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