ProPhotonix reported further growth in EBITDA and operating profit in H1 15, despite a decline in sales, reflecting further progress in reducing its break-even point. Order intake was encouraging in H1 and has continued into H2 to date. Meanwhile management has launched its first off-the-shelf products for UV and multi-wavelength systems, to complement its customer directed development. Our profit forecasts are unchanged, putting the shares on an EV/EBITDA multiple of 5.8x 2015 and P/E of 6.8x.
