- Dialight has warned that underlying operating profit for 2015 will be significantly below expectations and that the results for the first half will be less than the prior year.

Dialight's annual general meeting trading update on 15 April said revenue growth for the first quarter had exceeded expectations but that it had a number of operational inefficiencies.

The group says that since then it has also experienced a slowdown in the rate of orders in the Lighting segment in both the US and Europe which is likely to result in a shortfall in full year revenue.

The board believes that this reduction in orders is linked in part to a slowdown in the oil and gas sector.

In the light of this adverse financial performance, and in conjunction with the previously-announced exercise to develop the group's production infrastructure and processes, new group chief executive Michael Sutsko is leading a strategic review of the business.

This review will focus will on the markets in which the group currently operates, together with an attendant review of its operations, supply chain, and product development.

The company says the board remains convinced of the longer term prospects for the group and it expects to update the market with the findings of this review in the autumn. The group will publish its results for the six month period ending 30 June on 27 July. At 8:16am: [LON:DIA] Dialight PLC share price was -263.62p at 481.38p

Story provided by