It will be midway through next year before Dialight's (DIA) restructuring programme is complete. But if you look beyond its reported figures at the half-year mark, it's clear that we're going to be left with a more streamlined proposition, both in terms of its organisational structure and its industrial lighting product lines.
Fixed costs are on the way down, but that isn't immediately obvious as restructuring costs are still working their way through the numbers, distorting the bottom line. Nevertheless, gross profit ticked up 6 per cent to £28.8m on improved margins. And it's worth noting that the company has moved into a net cash position from its debtor status at the end of last year, representing an £11m turnaround on the back of healthy cash flows and some minor tax recoveries.