TIDMLPA
RNS Number : 7773U
LPA Group PLC
23 January 2017
LPA GROUP PLC
Preliminary results for the year ended 30 September 2016
LPA Group plc ("LPA" or the "Group"), the LED lighting and
electro-mechanical system manufacturer and distributor, announces
record results for the year ended 30 September 2016 and continuing
strong performance in the start to the current financial year.
KEY POINTS
-- Sales up 31.7% at GBP21.42m (2015: GBP16.27m)
-- Operating profit before exceptional items up 427% at GBP1.533m (2015: GBP291,000)
-- Exceptional gain GBP14,000 (2015: GBP545,000)
-- Profit before tax GBP1.516m (2015: GBP793,000, including
exceptional gain of GBP545,000)
-- Basic earnings per share 12.30p (2015: 5.86p)
-- Gearing 29.2% (2015: 34.0%)
-- Order entry GBP20.69m (2015: GBP26.77m)
-- Order book GBP17.96m (2015: GBP18.69m)
-- Group has achieved a step-change in performance and is moving onto a new level
-- Group continues to benefit from buoyant UK rail sector and export markets
-- Ethernet backbone technology and USB charging sockets
continuing to generate great interest for both new build and
retrofit applications
-- New LED lighting facility nearing completion for occupation first quarter 2017
-- Final dividend increased 50% to 1.50p (2015: 1.00p), total
for the year 2.50p (2015: 1.70p)
Peter Pollock, Chief Executive, comments:
"The financial year ended 30 September 2016 marked a step change
in the performance of the Group, which is becoming established at
this new substantially increased level of activity. Having
'galloped' up to a new level, we are now 'moving on'.
"Profits would have been even higher but for an oil and gas
sector customer being placed into administration after the year
end, and a consequent provision of GBP124,000 being made against
the results for the year. The customer's business was subsequently
sold to a third party and trading is expected to resume in due
course.
"After very strong order entry in the first half, the
uncertainty of Brexit made customers relatively cautious in placing
orders during the period from April to August, since when the high
levels of order entry have resumed.
"Sales and orders in the first quarter are ahead of last year
confirming the continuing growth potential of the business.
"We look forward to continuing progress this year and for the
future."
23 January 2017
ENQUIRIES:
LPA Group plc
Peter Pollock, Chief Executive Tel: 07881 626123 or 01799
512844
Steve Brett, Finance Director Tel: 07881 626127 or 01799
512860
Cairn Financial Advisers (Nominated Adviser) Tel: 020 7213 0880
James Caithie / Tony Rawlinson
WH Ireland (Broker) Tel: 0113 394 6600
Tim Feather / Ed Allsopp
Instinctif Partners (PR Adviser) Tel: 020 7457 2020
Mark Garraway / Helen Tarbet
Chairman's Statement
Overview
As I previously advised, the year to 30 September 2016 started
at a gallop, which was sustained throughout the year. I am
delighted to report that this progress continued during the first
quarter of the current year, with excellent levels of output and
order entry continuing. The Group appears to have established
itself on a new trading level, which it now takes in its stride, so
describing current progress as 'galloping' is perhaps no longer
appropriate. We are moving on.
Sales for the year were GBP21.42m (2015: GBP16.27m), up 31.7%,
and operating profit before exceptional items was GBP1.533m (2015:
GBP291,000), up 427%. The halves were broadly similar although the
second half would have been stronger but for one of our oil and gas
sector customers being placed in administration, the impact of
which reduced profits by GBP124,000. Nevertheless sales and profits
for the year comfortably exceeded anything the Group has previously
achieved.
Profit before tax for the year, after an exceptional gain of
GBP14,000, amounted to GBP1.516m (2015: GBP793,000, including a net
exceptional gain of GBP545,000) and basic earnings per share for
the year were 12.30p (2015: 5.86p). Gearing was 29.2% (2015:
34.0%).
Order entry, which, as previously reported, appeared to have
been affected during the summer by the uncertainty over Brexit,
amounted to GBP20.69m (2015: GBP26.77m). Order entry during the
first few months of the new financial year appears to have
recovered to pre-Brexit levels. The Group continues to be selected
for new rail project work, the delivery of which has yet to be
fully defined and therefore is not included in the order book. The
order book at the year-end amounted to GBP17.96m (2015:
GBP18.69m).
Dividends
The interim dividend was increased to 1.00p (2015: 0.70p). As a
consequence of the continuing improved trading performance and our
confidence in the future, and subject to shareholder approval at
the forthcoming annual general meeting - to be held this year at
the offices of Instinctif Partners, 65 Gresham Street, London EC2V
7NQ at noon on Tuesday 14 March 2017 - your Board proposes to
increase the final dividend to 1.50p (2015: 1.00p), making a total
for the year of 2.50p (2015: 1.70p). The dividend, if approved,
will be paid on 24 March 2017 to shareholders registered at the
close of business on 3 March 2017.
Board, management and employees
The Board and Group Executive have remained largely unchanged in
the year. Stephen Brett intends to retire during the coming year
and plans for his succession are in place. Per Staehr, who has
completed nine years as a non-executive director, also plans to
retire this year.
Our people are our most valuable asset. Staff turnover across
the Group remains remarkably low and we are pleased that
retirements are now being more closely matched by the appointment
of apprentices and trainees and that the growth we are experiencing
has allowed us to recruit. Group staffing is back to the level
prior to the closure of our Clacton facility in 2015.
Outlook
Our order book and prospects in our home and export markets are
very positive indicators. The current financial year has started
well.
We look forward to our medium and longer term future with great
confidence.
Michael Rusch
Chairman
23 January 2017
Chief Executive's Review
Trading results
The year to 30 September 2016 was unlike its predecessors in
that it finally demonstrated that the Group has gained positive
momentum, now and for the future.
The first half was taken at a gallop and this continued through
the second half and into the current year. We suffered a stumble
after the year end, when one of our oil and gas customers was
placed into administration causing us to provide GBP124,000 in the
year's accounts: the customer's business was subsequently sold to a
third party and trading is expected to resume during 2017.
Reflecting the exceptional levels of prior year order entry
(GBP26.77m), Group sales in the year were at a record GBP21.42m and
operating profit before exceptional items increased fivefold to
GBP1.533m (2015: GBP291,000).
The referendum caused uncertainty and we saw a reluctance in
customers placing orders for the period from April to August. As a
consequence, order entry at GBP20.69m (2015: GBP26.77m) for the
year just failed to keep pace with output resulting in a small fall
in the order book of GBP0.73m to GBP17.96m (2015: GBP18.69m). The
immediate consequence of the Brexit vote was appreciation of the
Japanese yen, which reduced the competitiveness of our Japanese
customers, and uncertainty over future supply in Europe: both
factors were a negative influence on ultimate customers' investment
decisions and order entry during that period. However, the
subsequent decline in sterling has made us more competitive at home
and in export markets and our pipeline of future opportunities is
at least recovering to the previous buoyant levels. In addition,
the projects for which we have been selected but for which we do
not yet have a delivery schedule, continue to be substantial and
underpin order entry expectations in the near and medium term.
The current financial year has started at pace. We have moved up
to a new level and we are moving on.
This is particularly true of LED lighting where rail project
output during the year was at record levels, following exceptional
order entry in the previous year. Significant rail projects
supplied in the year included Intercity Express Programme (IEP),
Queensland New Generation Rail (QNGR), Abellio Greater Anglia,
Abellio ScotRail (ASR), West of England (WOE) and Riyadh Metro
together with non-rail sales into the commercial, infrastructure
and industrial markets. The pipeline for future lighting orders is
brimming and the decline in the sterling exchange rate has improved
our competitiveness.
Overall our electro-mechanical activities had a satisfactory
year:
- Transport+, which provides after sales support for trains in
the UK, had a stunning performance through the delivery of a series
of contracts associated with the provision of Ethernet backbones,
an essential element in making passenger Wi-Fi available on trains,
and which were, in large part, won this year;
- fabrication activity was down reflecting the continued
withdrawal from third party work; and
- the connector activity made progress on the back of an
increase in rail project deliveries, notably, as in the case of
lighting, IEP and ASR but also Crossrail. Sales of the standard
connection product ranges for industrial and aircraft ground power
supply markets were flat.
The electro-mechanical pipeline is strong, and potentially very
strong, with many opportunities for connectors and Transport+.
Fabrication is now enjoying substantial growth in inter-company
demand for its capabilities.
Engineered component distribution supports all Group activities,
particularly rail business at depot level, where in addition to
distribution it designs and kits systems incorporating Group and
third party products for installation on trains. It also
distributes product to the aerospace and defence industry.
Engineered component distribution had an excellent year on the back
of high rail market sales, benefitting in particular from the
introduction of USB seat back charging products.
Markets
The Group has been focussed on the UK transportation market,
particularly rail, and selected export markets for many years. Rail
as a global market has been expanding for several years. Much of
this growth has been focussed on Chinese and Asian markets, where
lowest initial cost, rather than whole life cost, has been the
driving factor. In developed economies, like Europe and the UK,
where rail is also growing fast, maintenance costs and particularly
the availability of maintenance engineers are more important
factors, and whole life cost is becoming the stronger criterion in
supplier selection. The Group's commitment to quality and
reliability, together with its innovation and industry-leading
technology, is now being more widely recognised. In particular,
train builders are now being required to provide maintenance for as
long as thirty years, making whole life cost and availability of
parts for through-life support, rather than initial cost, the major
factors in supplier selection. These various factors are
contributing to the Group's strong order entry performance and
order books.
The Group has continued to support the train builders and
refurbishers supplying the UK market and all of them are customers
to a greater or lesser extent. We have continued to support
Japanese train builders for their export products and,
consequently, we continue to work with Hitachi, now in the UK also,
Kinki Sharyo for Asia and Middle East, and Nippon Sharyo for
Taiwan. In Taiwan, we also work with Taiwan Rolling Stock Company.
In Australia, where the availability of maintenance engineers and
whole life cost are major factors, we endeavour to work with all
the train builders in Queensland, New South Wales and Victoria. The
Group has identified the Gulf Cooperation Council area as being
likely to appreciate our commitment to whole life cost and so we
have focussed effort on the region and its established suppliers:
we have won some business and are presently submitting several
significant tenders for product which is to be supplied into the
region from elsewhere. Unfortunately, the weak oil price has
undermined this market's appetite for investment.
The worldwide air transportation market remains a very
significant customer of the Group. This continues to grow with
substantial investment in new airports and new larger aircraft,
which are particularly demanding of ground power, which benefits
our ground power support products.
Design and development
Our design and development effort last year focussed on
satisfying the technical requirements of the large rail projects
which the Group had won, including IEP, ASR, QNGR and Crossrail.
Standard products also received attention including LED lighting
products, high fire performance connection systems for use in
emergency egress tunnels, enhanced aircraft ground power connectors
and systems, Ethernet backbones and USB seat back charging outlets
for rail passengers' phones, notebooks and laptops.
Structure and costs
Light & Power House has become the Group's centre of
excellence for electro-mechanical design and manufacture.
Our new facility at Normanton in West Yorkshire, which will
house our LED lighting centre of excellence, has been extended and
is in the process of being refurbished and fitted out: the work is
planned to be completed and the lighting operation relocated to the
new premises during the first quarter of 2017. The new facility
will be called LPA House and the operation will change its name to
LPA Lighting Systems. Thereafter our existing lighting facility
will be sold: an exceptional gain of GBP0.3m is anticipated on the
disposal.
Outlook
Last year started full bore and continued at a gallop! As
expected, business has settled down to a new level significantly
higher than that previously achieved. We have orders on hand and
projects for which we have been selected which, together with our
substantial pipeline of potential new business will provide us with
the opportunity to continue to maintain and grow the business
further over the next few years. As we win more business, we shall
have the very pleasant task of enhancing our capabilities to
satisfy this demand.
We look forward to the future with increasing optimism and
confidence.
Peter Pollock
Chief Executive
23 January 2017
Financial Review
Trading performance
Revenue was GBP21.42m (2015: GBP16.27m), up 31.7% and GBP5.15m
on the prior year, with increased rail activity, in particular
lighting projects, the main factor. The significant volume benefits
meant that gross margins improved by 1.9% to 29.3% (2015: 27.4%)
producing a gross profit of GBP6.28m (2015: GBP4.46m). Other
operating expenses were GBP0.583m above last year at GBP4.747m
(2015: GBP4.164m) - with higher bonuses at GBP220,000 (2015:
GBP16,000), bad debt expense at GBP129,000 (2015: credit of
GBP4,000) and share option related costs at GBP74,000 (2015: credit
of GBP26,000) - such that an operating profit before exceptional
items of GBP1,533,000 (2015: GBP291,000) resulted, up
GBP1,242,000.
First half sales were GBP10.48m (2015: GBP7.93m), up GBP2.55m,
which produced an operating profit before exceptional items of
GBP782,000 (2015: GBP45,000), up GBP737,000. In the second half,
sales of GBP10.94m (2015: GBP8.34m) delivered an operating profit
before exceptional items of GBP751,000 (2015: GBP246,000) with
sales and profits up on the corresponding period last year by
GBP2.60m and GBP505,000 respectively. Whilst second half sales were
GBP0.46m in front of those in the first half, second half operating
profit before exceptional items trailed by GBP31,000 although the
latter included a bad debt expense of GBP124,000 in respect of the
administration of an oil and gas customer.
Exceptional items
The redevelopment of the Group's former Tudor Works site was
completed in the year and a final property disposal gain of
GBP14,000 (2015: GBP587,000) was recognised: these amounts relate
to overage provided for in the original sale contract. In addition,
the prior year included net reorganisation costs of GBP42,000
associated with the Group's electro-mechanical activities.
Finance costs and income
Within finance costs, interest on borrowings rose to GBP85,000
(2015: GBP75,000), the consequence of higher average borrowings,
although weighted average interest rates were lower year on year.
Finance income, which comprises the net interest income on the
pension asset, was GBP54,000 (2015: GBP32,000).
Profit before tax, taxation and earnings per share
Profit before tax was GBP1,516,000 (2015: GBP793,000) resulting
in a tax charge of GBP54,000 (2015: GBP99,000). The profit for the
year was GBP1,462,000 (2015: GBP694,000) representing basic
earnings per share of 12.30p (2015: 5.86p).
Balance sheet
Shareholders' funds rose by GBP0.70m in the year to GBP8.69m
(2015: GBP7.99m) giving a net asset value per ordinary share of
72.7p (2015: 67.4p). The tangible net asset value per share
(calculated excluding intangibles and pension asset, net of
deferred tax, from the calculation) was 57.0p (2015: 47.8p). Net
debt decreased by GBP0.18m over the year to GBP2.54m with gearing
(net debt as a % of total equity) falling to 29.2% (2015:
34.0%).
Property, plant and equipment at 30 September was GBP5.62m
(2015: GBP4.72m), of which property made up GBP3.64m (2015:
GBP2.63m) and plant and equipment GBP1.98m (2015: GBP2.09m).
Additions in the year were GBP1.34m (2014: GBP287,000) including
GBP1.05m in respect of the new lighting facility, disposals GBPnil
(2015: GBP35,000) and the depreciation charge was GBP442,000 (2015:
GBP440,000).
Net trading assets (defined as inventories plus trade and other
receivables, less trade and other payables and current tax) were
marginally higher at GBP3.76m (2015: GBP3.73m) although the prior
year included GBP0.59m in respect of the property gain noted above:
excluding this item the increase was GBP0.62m which is explained by
the increased trading activity seen in the year.
Intangible assets, which comprise goodwill and capitalised
development costs, were GBP1.19m (2015: GBP1.22m). Goodwill, which
relates to the Group's investment in Excil Electronics, was
unchanged at GBP1.15m and capitalised development costs, which
relate to the development of LED lighting products, were GBP0.04m
(2015: GBP0.07m).
The IAS19 actuarial surplus recognised as at 30 September 2016
amounted to GBP841,000 (2015: GBP1,379,000). Changes over the
course of the year comprised an income statement credit of
GBP54,000 (2015: GBP32,000), employer contributions received of
GBP100,000 (2015: GBP100,000) less an actuarial loss of GBP692,000
(2015: gain of GBP503,000) recognised in the statement of
comprehensive income. The actuarial loss resulted from changes in
financial assumptions of GBP2,674,000 (primarily reflecting the
lower discount rate applicable at September 2016, 2.4% as opposed
to 3.8%) less an experience gain on liabilities of GBP155,000 less
a better than expected return on plan assets of GBP1,827,000.
Cash flow
Net cash from operating activities was GBP1,222,000 (2015:
absorbed GBP714,000) made up of a trading cash inflow of
GBP2,033,000 (2015: GBP794,000) less an increase in working capital
of GBP711,000 (2015: GBP825,000), pension contributions of
GBP100,000 (2015: GBP100,000) and reorganisation costs of GBPnil
(2015: GBP583,000).
Capital expenditure was much increased at GBP1,294,000 (2015:
GBP287,000) and included GBP1,050,000 spent on the new lighting
facility; asset disposal proceeds, which all relate to overage on
the sale of Tudor Works, were GBP601,000 (2015: GBP78,000); and
capitalised development expenditure was GBP11,000 (2015:
GBP45,000).
The Group switched its banking arrangements from Lloyds to
Barclays in the year which entailed the drawdown of a new Barclays
term loan of GBP2,475,000 (2015: GBPnil) and repayment of the
existing Lloyds facility. Debt repayments comprised GBP1,750,000
(2015: GBP200,000) in respect of term loans together with GBP40,000
(2015: GBP35,000) in respect of finance leases. Interest payments
on borrowings amounted to GBP72,000 (2015: GBP75,000). Dividend
payments were higher in the year at GBP238,000 (2015: GBP184,000)
and GBP51,000 (2015: GBP4,000) was received from the exercise of
share options.
Overall there was a net increase in the cash position of
GBP944,000 (2015: decrease of GBP1,458,000).
Net debt
An analysis of the change in net debt is shown below:
Finance Cash
Bank lease and cash Net
loans obligations equivalents debt
GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2015 1,700 84 933 2,717
New finance lease
obligations - 51 - 51
Draw down of bank
loans 2,475 - (2,475) -
Interest and arrangement
fee 32 - - 32
Repayment of borrowings (1,750) (40) 1,790 -
Cash generated - - (259) (259)
At 30 September 2016 2,457 95 (11) 2,541
======== ============= ============= ========
Banking arrangements
During the year the Group switched its banking arrangements from
Lloyds to Barclays. The Group's main bank finance is now a GBP2.475
million bank loan repayable over 5 years which was drawn down in
two tranches: the first of GBP0.656 million in April 2016 to assist
in the purchase of a freehold property to accommodate its lighting
operation; and the second of GBP1.819 million in July 2016 to
refinance the Lloyds debt. As at September 2016 the amount
outstanding was GBP2.457 million which is to be repaid through 18
quarterly instalments of GBP49,800 commencing in October 2016 with
the residual balance payable in April 2021: interest is payable at
base rate plus 1.95%. The outstanding balance on the Lloyds loan
(GBP1.500 million) was repaid in July 2016: in the year, interest
was payable at LIBOR plus 2.75%.
A second GBP0.500 million bank loan facility, repayable one year
after draw down, has been negotiated to assist in the extension of
the property noted above although it was not utilised in the
current year. Repayment is expected to be made from proceeds of the
sale of the Group's existing lighting facility where a sale
contract is already in place. Interest is payable at base rate plus
2.15%.
The Barclays overdraft facility has been utilised from the end
of July 2016 and interest is payable at base rate plus 2.0%. In the
first 10 months of the year interest was payable at 2.5% over base
rate.
Treasury
The Group's treasury policy operates within approved Board
guidelines and has not changed since 2015.
Stephen Brett
Finance Director
23 January 2017
Consolidated Income Statement
For the year ended 30 September 2016
2016 2015
Note GBP'000 GBP'000
Revenue 21,422 16,265
Cost of sales (15,142) (11,810)
Gross profit 6,280 4,455
Distribution costs (1,697) (1,557)
Administrative expenses (3,050) (2,607)
Operating profit before exceptional
items 1,533 291
Gain on property disposal 14 587
Reorganisation costs - (42)
Operating profit 1,547 836
Finance costs (85) (75)
Finance income 54 32
Profit before tax attributable
to equity holders of the parent 1,516 793
Taxation (54) (99)
Profit for the year 1,462 694
========= =========
Attributable to:
- Equity holders of the parent 1,462 694
Earnings per share 1
Basic 12.30p 5.86p
Diluted 11.35p 5.48p
========= =========
All activities are continuing.
Consolidated Statement of Comprehensive Income
For the year ended 30 September 2016
2016 2015
GBP'000 GBP'000
Profit for the year 1,462 694
-------- --------
Other comprehensive expense
Items that may be reclassified - -
subsequently to profit or loss
Items that will not be reclassified
to profit or loss
Actuarial (loss) / gain on
pension scheme (692) 503
Tax on actuarial loss / gain 119 (121)
Other comprehensive (expense)
/ income net of tax (573) 382
-------- --------
Total comprehensive income
for the year 889 1,076
======== ========
Attributable to:
- Equity holders of the parent 889 1,076
======== ========
Consolidated Balance Sheet
At 30 September 2016
2016 2015
GBP'000 GBP'000
Non-current assets
Intangible assets 1,194 1,222
Property, plant and equipment 5,624 4,721
Retirement benefits 841 1,379
7,659 7,322
-------- --------
Current assets
Inventories 3,030 2,658
Trade and other receivables 4,678 4,101
Cash and cash equivalents 149 5
-------- --------
7,857 6,764
-------- --------
Total assets 15,516 14,086
-------- --------
Current liabilities
Bank overdraft (138) (938)
Bank loans and other borrowings (247) (236)
Current tax payable (122) (30)
Trade and other payables (3,803) (2,977)
-------- --------
(4,310) (4,181)
-------- --------
Non-current liabilities
Bank loans and other borrowings (2,305) (1,548)
Deferred tax liabilities (193) (350)
Other payables (19) (20)
-------- --------
(2,517) (1,918)
-------- --------
Total liabilities (6,827) (6,099)
-------- --------
Net assets 8,689 7,987
======== ========
Equity
Share capital 1,196 1,185
Share premium account 504 464
Un-issued shares reserve 183 197
Merger reserve 230 230
Retained earnings 6,576 5,911
-------- --------
Equity attributable to shareholders
of the parent 8,689 7,987
======== ========
Consolidated Cash Flow Statement
For the year ended 30 September 2016
2016 2015
GBP'000 GBP'000
Profit before tax 1,516 793
Finance costs 85 75
Finance income (54) (32)
Operating profit 1,547 836
Adjustments for:
Depreciation 442 440
Amortisation of intangible
assets 39 58
(Gain) / loss on sale of
property, plant and equipment (14) (43)
Non-cash charge for equity-settled
share-based payments - 6
Loan arrangement fees 19 -
2,033 1,297
Movements in working capital
and provisions:
Change in inventories (372) (513)
Change in trade and other
receivables (1,212) (628)
Change in trade and other
payables 873 (203)
Change in provisions - (567)
Cash generated / (absorbed)
from operations 1,322 (614)
Retirement benefits (pension
contributions) (100) (100)
Net cash from operating activities 1,222 (714)
-------- --------
Purchase of property, plant
and equipment (1,294) (287)
Proceeds from sale of property,
plant and equipment 601 78
Capitalised development expenditure (11) (45)
Net cash used in investing
activities (704) (254)
-------- --------
Drawdown of bank loans 2,475 -
Repayment of bank loans (1,750) (200)
Repayment of obligations
under finance leases (40) (35)
Interest paid (72) (75)
Proceeds from issue of share
capital 51 4
Dividends paid (238) (184)
Net cash from / used in financing
activities 426 (490)
-------- --------
Net decrease in cash and
cash equivalents 944 (1,458)
Cash and cash equivalents
at start of the year (933) 525
-------- --------
Cash and cash equivalents
at end of the year 11 (933)
======== ========
Notes
1 - EARNINGS PER SHARE
The calculation of earnings per share is based upon the profit
for the year of GBP1,462,000 (2015: GBP694,000) and the weighted
average number of ordinary shares in issue during the year of
11.884m (2015: 11.846m). The weighted average number of ordinary
shares diluted for the effect of outstanding share options was
12.887m (2015: 12.664m).
2016 2015
Earnings Weighted Earnings Earnings Weighted Earnings
average per average per
number share number share
of shares of shares
GBP'000 Million Pence GBP'000 Million Pence
Basic earnings
per share 1,462 11.884 12.30 694 11.846 5.86
Effect of share
options - 1.003 (0.95) - 0.818 (0.38)
---------- ----------- ---------- ---------- ----------- ----------
Diluted earnings
per share 1,462 12.887 11.35 694 12.664 5.48
========== =========== ========== ========== =========== ==========
2 - INFORMATION
The preceding information does not constitute the Company's
statutory accounts for the years ended 30 September 2016 or 30
September 2015 but is derived from those accounts. The 2016
accounts are expected to be posted to shareholders on 17 February
2017 and will be available from the Company Secretary, LPA Group
Plc, Light & Power House, Shire Hill, Saffron Walden, Essex,
CB11 3AQ and on LPA's website (www.lpa-group.com), shortly
thereafter. Statutory accounts for 2015 have been delivered to the
Registrar of Companies, and those for 2016 will be delivered
following the annual general meeting. The auditors have reported on
these accounts and their reports were unqualified and did not
contain statements under the Companies Act.
The Chairman's Statement, the Chief Executive's Review, and the
Financial Review included in this preliminary announcement form
part of the Strategic Report included in the 2016 accounts. The
Strategic Report and other content of this preliminary announcement
have been prepared solely for the shareholders of the Company as a
body. To the extent permitted by law the Company, its directors,
officers and employees disclaim liability to any other persons in
respect of the information contained in this preliminary
announcement. Sections may include statements containing risks and
uncertainties facing the Group, and other forward-looking
statements, which by their nature involve uncertainty since future
events and circumstances can cause results and developments to
differ materially from those anticipated. The Company undertakes no
obligation to update any forward-looking statements.
3 - ANNUAL GENERAL MEETING
The annual general meeting of the Company is to be held at 12
noon on Tuesday 14 March 2017 at the offices of Instinctif
Partners, 65 Gresham Street, London, EC2V 7NQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRGDBXGDBGRG
(END) Dow Jones Newswires
January 23, 2017 02:00 ET (07:00 GMT)
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