Gulf starts at Sheikh Adi-2 25/05/2012
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Contract delays dog Enfis
Lighting developer Enfis claims a ‘large’ pipeline of opportunities
Solid-state lighting concern Enfis blames ‘major contract slippage’ for continuing first-half losses of £680,000.
Senior management heads have rolled at the Swansea-based company, which makes ‘intelligent high-power light-emitting diode arrays’ and ‘smart light engines’ and reduced its deficit by £396,000 to £680,000 in the six months to June on turnover 26 per cent up at £530,000. This represented a sharp slowdown from last year’s 430 per cent turnover surge to £1.6 million and reflected a deferral of contract opportunities worth £3.5 million to 2010, says chairman Shaun Oxenham.
Floated on AIM two years ago at 140p, Enfis, which raised £2 million in April at a much lower 36p, established a presence in the USA and pursued a ‘large’ pipeline of opportunities in the first half-year. These included a ‘global showcase’ lighting project in the Middle East, due to come into full operation in November.
However, Oxenham says the global economic crisis and consequent erosion of funding confidence among customers delayed contracts and revenue growth fell short of the company’s expectations. In response, Enfis has made ‘high-level management changes’ to ensure ‘even greater emphasis on contract conversion and rapid revenue growth’.
According to Oxenham, the company now expects that contracts which were expected to close in the second quarter of this year will be signed in the second half and contribute to revenues in 2010 and 2011. He says Enfis has the funding ‘to take us through to full profitability’.
Enfis shares have fluctuated between £1 and 30p over the past year and now stand at 62.5p, down 27.5p this morning, valuing the company at £9.4 million. They are speculative.
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