Feb 24 Lighting products maker Dialight Plc reported a 27 percent fall in full-year underlying pretax profit as cellphone tower operators in the United States delayed large contracts.
Shares in Dialight fell as much as 11 percent to 682 pence, making the stock one of the top percentage losers on the London Stock Exchange. They were trading at 701 pence at 0903 GMT on Monday.
The company, which assembles light emitting diode units and supplies them to commercial customers, reported an underlying full-year pretax profit of 14.4 million pounds ($24.03 million) from 19.7 million pounds a year earlier. [ID: nRSX7367Aa]
Dialight said earlier this year that it expected underlying pretax profit from continuing operations to be at least 14.5 million pounds.
Revenue for the year ended Dec. 31 rose 14 percent to 131.2 million pounds.
"We suffered from the late receipt of orders in the lighting segment as well as investment decisions by certain end customers, primarily in the United States, being deferred until 2014," Dialight said in a statement.
Dialight, which gets over 70 percent of its revenue from the United States, also said one of its resellers became a competitor in the second half of 2012, resulting in a stalling of the market when a major tower operator was about to place contracts for a retrofit project for 7000 towers.
However, Dialight said it sees strong growth in its lighting business, and expects to return to earnings growth in 2014.
The London-listed company declared a final dividend of 9.5 pence per share, taking the total dividend to 14.4 pence. ($1 = 0.5993 British pounds) (Reporting by Aastha Agnihotri in Bangalore; Editing by Supriya Kurane)