- LED lighting manufacturer ProPhotonix posted a first-half loss, owing to lower sales in its laser and diode business, and said it was reviewing its strategic options.

Net losses for the six months through June amounted to $0.2m, compared to losses of $0.5m on-year.

Revenue fell 19% to $7.2m and gross margin contracted to 37.2%, back from 38.6%, due to a difference in product mix.

Revenue in the second half was expected to be similar to first.

'Whilst we expect to see the financial benefit of the cost savings initiatives enacted in the first half, the board believes the company will continue to be loss making and is committed to strengthening the group's balance sheet,' chief executive Tim Losik said.

'The board is therefore reviewing all funding and strategic options available, both to ensure the short-term working capital needs of the company continue to be met, as well as maximizing shareholder value over the longer term.' Story provided by