Prophotonix swings to a profit despite drop in FY revenues

LED illumination systems designer Prophotonix said on Tuesday that it had swung to a profit in 2019 despite full-year revenues falling slightly year-on-year.

Prophotonix said the drop in sales was not due to any single customer but instead the result of a greater proportion of customers in decline versus growth.

However, operating profit was expected to come in at approximately $1.1m, a marked turnaround from the loss of $1.0m recorded a year earlier.

The AIM-listed company noted it had remained in operation during the Covid-19 pandemic and that trading in the first five months of 2020 was consistent but added that uncertainties around the outbreak meant it still believes that it is inappropriate to provide forward-looking guidance to investors and analysts.

As of 0935 BST, Prophotonix shares were up 20% at 1.05p.