A 10-Bagger Jumps on Results
LONDON -- Dialight (ISE: DIA.L) jumped more than 5% this morning to 1,049 pence on good news within its half-yearly financial report. The company, which specialises in retro-fit LED lighting fixtures for industrial locations, reported group revenues of 61 million pounds, up 18% from 52 million pounds in 2011.
The growth came predominantly from the "signals/illumination" division, where revenue grew by 25% to 43 million pounds, up from 34 million pounds last year.
While Dialight's "smart metering" operation reported strong sales, the group also announced that it's divesting itself of this element of its business, which isn't seen as a good fit with future strategy.
The group also announced that after almost seven years as chairman and 15 years as chief executive, Harry Tee, CBE will retire before the end of the year. He will be succeeded by current senior independent director Bill Ronald.
Roy Burton, chief executive, said:
"Another strong performance from Industrial Lighting and Obstruction Lighting during the first half and an excellent earnings result gives further confidence in the future prospects of our ongoing strategy. The results of the first half give the Board confidence in achieving full-year results at the higher end of current market expectations. The Board is confident that the Group's strategy will continue to deliver strong results in the current year and beyond."
This morning's update from Dialight underlines how exciting companies can become wonderful investments for ordinary investors. Indeed, Dialight shares have risen more than tenfold since their 2009 low.
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The article A 10-Bagger Jumps on Results originally appeared on Fool.com.Jon Wallis doesn't own shares in Dialight. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.