Dialight down after contract delay

Light-emitting diode (LED) firm Dialight fell after it reported delays to a major contract had hit trading in its signal lighting division.

The firm said trading in that business, which sells obstruction, traffic and transportation products, was below expectations due to a hold-up in the award of a significant new contract for obstruction lighting.

However, it added that for 2013 the firm expected growth in this area to return to that of prior years.

The statement, which covered the period from 1st July until 8th November, noted the Industrial Lighting segment of the company was performing in line with expectations as was its Components division.

"The group has seen strong worldwide order intake for lighting and the board is confident in the growth strategy for both Industrial Lighting and Signal Lighting, meeting expectations for 2012 and of continuing good progress into 2013," it said.

Shares were down 6.9% by 09.00 following the announcement.