LONDON: Shares in LED and laser maker ProPhotonix Limited (LON:PPIX) shone over 16% higher as its revenues surged 20% in the year gone and underlying earnings increased significantly. “The first half results mark the sixth consecutive half-yearly positive EBITDA, fourth consecutive half-yearly positive operating income and the second consecutive half-yearly positive net income reported by the company; clearly demonstrating the company’s continued financial progress,” said Tim Losik, president and chief executive.
Net income for the six months to end June was US$0.4mln against a loss $0.2 million in the same period last year, on revenues, which were 20% higher to $8.1 million (2015: $6.7 million). Of the revenues, both LED and lasers contributed to growth, and 84% came from industrial applications, while 11% was medical and 5% was security and defence.
The period saw the group book a US$1.1 million order for the delivery of laser modules during the second half of 2016 and early 2017 with one of the firm’s largest customers and renegotiate the terms of its credit facility with Barclays.
