PhotonStar LED Group Plc (PSL), which supplied lighting to the London office of the Bill and Melinda Gates Foundation, reported a drop in first-half sales as flooding across Europe delayed new projects.
The Swansea, U.K.-based lighting company posted a 13 percent drop in revenue to 3.8 million pounds ($6.4 million), the company said today in a statement. The pretax loss was 601,000 pounds, down from 605,000 pounds a year earlier.
While the company is trying to tap demand for light-emitting diodes, which are smaller, more energy-efficient and have longer lifespans than traditional bulbs, extreme weather and flooding across Europe and the U.K. at the beginning of the year postponed new projects. The company, which has yet to post a profit, said second-half sales would recover.
“Despite the weather-related slow down experienced in the first half of 2014, the group has continued to make progress, and expects this progress to continue into the second half of 2014,” PhotonStar said. “As with prior years, sales revenue is expected to be weighted towards the second half of the year, driven by seasonal increases in construction.”
The issue of 2.2 million pounds of new stock will be complete by tomorrow, the company said. The funds will be used to introduce the company’s Halcyon wireless home lighting system later this year.
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