PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or “the Group” or “Company”), the British designer and manufacturer of smart LED lighting solutions, announces its half year results for the six months ending 30 June 2013.

Highlights

- Revenue up 13% to £4.32m (H1 2012: £3.82m)
- Gross profit up 12% to £1.69m (H1 2012: £1.51m)
- EBITDA loss of £0.31m (H1 2012: loss £0.29m)
- Pre-tax loss of £0.61m (H1 2012: loss £0.53m)
- Loss per share of 0.5p (H1 2012: loss per share 0.6p)
- Operating results steadily improving, expecting to be EBITDA breakeven for the full year 2013
- At 30 June 2013, net debt of £0.3m (2012: net debt £0.2m). Cash outflow significantly reduced month on month since first quarter 2013
- H1 operational issues and product development delays now addressed
- Business resized to the revised forecast with strong financial control now in place
- ChromaWhite, the next generation smart circadian light engine, is now shipping, expected to contribute to revenues in 2013
- Patent portfolio continues to mature

James McKenzie, CEO of PhotonStar, commented: “We have continued to make progress despite experiencing some challenges this half. These have all been resolved and we are already seeing an improved performance.

“We remain excited about the commercialisation of our Chromawhite colour tuneable LED technology and our newly enhanced LED fixtures range. These products, along with the usual seasonal increase in construction activity and the improved efficiency of our resized operations, mean that we expect to achieve EBITDA breakeven for the full year.

“We remain on track with the continued development and improvement of the ChromaWhite range including the smart lamp, a standard lamp form factor with full wireless control. We believe that products such as these will revolutionize the lighting industry and help drive the Group’s growth.”