Dialight (DIA)

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Dialight DIA Logo

23-Oct-2017 – 815p – £265m

Trading Update – Argggghhh! EBIT will be in the range of £13.5 to £15.5m for the year ending December 2017. Don’t have time to go check what it should have been but at least the way it was worded gives me a clue “due to short-term production challenges, we now expect EBIT for the year ending 31 December 2017 to be in the range of £13.5m to £15.5m”.

How much of a profit warning this last update is – I have no idea. I am not getting involved.

8-Jan-2018 – 550p – £178.9m – PER 19.9

Trading Update – Chief Exec has been replaced. Expecting Revenue of £181m and EBIT of £9.7m this year, Cash of £12.8m.

These estimates are even lower than the woeful ones issued previously. It remains on my Avoid list for now.

26-Feb-2018 – 532p – £173.0m – PER 16.7

Final Results For The 12 Months To End December 2017 – Underwhelming.

Remains on my Avoid list.

17-Apr-2018 – 524p – £171.1m – PER 15.4

Trading Update For The 12 Months To End December 2018 – Not sure what this means but it doesn’t seem very positive.

Anyway, it will remain on my Avoid list for now.

30-Jul-2018 – 466p – £151.5m – PER 12.9

Interim Results For The 6 Months To End June 2018 – Revenue down from £92.7m to £80.1m with Underlying (and Statutory) Profit and EPS both halved to £2.8m and 6.4p respectively. Net Cash is down from £12.7m to £7.3m. As previously guided, FY results will be heavily H2 weighted.

Remains on my Avoid list for now.

6-Dec-2018 – 329p – £107.0m – PER 9.79

Trading Update For The 12 Months To End December 2018 – Emmm – Raw material issues, potential additional Pension scheme provisions and assembly relocation.

Remains well established on my Avoid list for now.

17-Apr-2019 – 452p – £147m – PER 12.7

Trading Update – A strange update that doesn’t actually say much.

I take updates that don’t really say much as bad news so that means this will remain on my Avoid list for now.

5-Aug-2019 – 390p – £127m – PER 12

Interim Results For The 6 Months To End June 2019 – Revenue down slightly with Underlying Profit down from £2.8m to £0.9m and EPS down from 6.4p to 1.5p, Net Cash has moved from £7.3m to Net Debt of £11m. FY outlook remains unchanged. The Chairman has also stepped down “Wayne Edmunds has indicated to the Board that now is an appropriate time for him to step down as Chairman of the Board. The Board has accepted his decision and wishes to place on record its thanks for his contribution to Dialight” and been replaced today.

Remains on my Avoid list until I at least see the FY actuals for this “accident prone” business.

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