TIDMLPA
RNS Number : 3681Q
LPA Group PLC
28 June 2022
LPA GROUP PLC
Interim unaudited results for the six months ended 31 March
2022
LPA Group plc ("LPA" or the "Group"), the high reliability LED
lighting, electronic and electro-mechanical system designer and
manufacturer , announces its results for the six months to 31 March
2022.
KEY POINTS
6 months 6 months
to 31 March to 31 March
2022 2021
unaudited unaudited
Order Book GBP30.8m GBP26.2m
--------------------------- ------------- -------------
Order Entry GBP12.1m GBP13.0m
--------------------------- ------------- -------------
Revenue GBP8.6m GBP9.3m
--------------------------- ------------- -------------
Underlying (Loss)/Profit* GBP(0.6m) GBP0.2m
--------------------------- ------------- -------------
(Loss)/Profit before Tax GBP(0.6m) GBP0.1m
--------------------------- ------------- -------------
(Loss)/Earnings Per Share (2.84)p 1.67p
--------------------------- ------------- -------------
Net Debt at period end GBP2.5m GBP1.9m
--------------------------- ------------- -------------
(*) Operating (loss)/profit before Share Based Payments and
Exceptional Costs
Paul Curtis, CEO, commented:
"As anticipated our results for the first half are loss making
as we continued to see customer driven delays across several of our
major projects.
Our order book remains resilient, and we are beginning to
achieve better clarity in schedules and future delivery
requirements from our customers which will result in a stronger
second half.
I have concluded a strategy and in-depth detailed business
review and we are working hard to implement this to diversify our
markets, develop products and strengthen our workforce to support
our aspirations for future growth."
Paul Curtis
CEO
27 June 2022
Enquiries: www.lpa-group.com Tel:
---------------------------------------- ------------------- -------------
LPA Group Plc
Robert B Horvath Chairman 01799 512844
Paul Curtis CEO 01799 512858
Chris Buckenham CFO 01799 512859
020 7220
finnCap NOMAD and Broker 0500
Ed Frisby / Abigail Kelly / Tim Harper
(Corporate Finance)
Tim Redfern / Charlotte Sutcliffe
(ECM)
About LPA
LPA Group plc (AIM: LPA) is a market leading designer,
manufacturer and supplier of high reliability LED lighting,
electronic and electro-mechanical systems, and a distributor of
engineered components.
Focused on transport (rail and aviation), defence,
infrastructure and industrial markets and supplying into hostile
and challenging environments, LPA is known for engineering
solutions to improve product reliability, reducing maintenance and
life cycle costs.
The Group has three sites across the UK, selling to customers in
the UK and overseas. Two of these are design and manufacturing
sites: LPA Connection Systems - electro-mechanical systems for
rail, aviation and industrial, and LPA Lighting Systems - LED
lighting and electronic systems for rail and infrastructure. The
third site is LPA Channel Electric - a value added distributer of
engineered components for rail, aerospace and defence.
With over 160 years of UK design and manufacture, and with
origins in the first ever light installed in 'Electric Avenue',
Brixton; innovation is core to LPA and to the products and services
supplied to our customers worldwide.
For more information visit www.lpa-group.com .
Regulatory Information
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
CHAIRMAN'S STATEMENT
As I stated in my FY21 annual Chairman's Statement the
continuing trend of customer delay in our project-based work puts a
strain on our ability to fully recover our overhead and so it has
continued in the first half of the year which has been tough. I
also commented that we had a strong order book and that the future
workload gave the management team a great deal of security from
which to reshape the business plan and the management structure to
look for wider opportunities in the electronic and electrical
equipment market place. This also remains true. We rely on our
customers "scheduling" to draw down on our products as part of
their overall build and with over 65% of our sales this period
being subject to scheduling, we continue to suffer from their build
programme delays.
We are seeing a pickup in the second half for the aviation and
rail industry projects, but supply chain issues will continue to
frustrate our ability to get orders 'out of the door'. At the
present time the macroeconomic factors (notably the impact of
higher wages and inflation) are generally challenging but we
believe that in our customer base we have a strong advantage in
having local manufacturing facilities able to deliver quality
products. We have won further work and we have not lost any of our
major projects.
Sales in the first half were GBP8,625k (2021: GBP9,296k) with a
consequent operating loss of GBP587k (2021: operating profit of
GBP134k). This has resulted in a loss per share of 2.84p (2021:
basic earnings per share of 1.67p). Gearing is 17.6% (2021: 14.8%),
order entry GBP12.1m (2021: 13.0m) with a closing order book up
17.8% at a record GBP30.8m (2021: GBP26.2m). The Board considers it
prudent to continue the pause in dividend payments, however this
remains under constant review.
Our in-depth detailed business review is complete. We will
rebalance the business between project work and routine products
and diversify into different markets to reduce our dependency on
rail. We have actively looked at business opportunities and will
continue to do so in support of the strategy. We are well on our
way with our investment in people and our manufacturing sites
productivity initiatives which include additional certifications
across these sites and facilities.
We have some great people in the Group, and we have plans to
bring in more, particularly across our sales teams and to enhance
our design capabilities. We are delighted to have recruited Andrea
Hector as the new Managing Director for our distribution business
and are actively recruiting a Managing Director for our
electro-mechanical systems business.
As my predecessor stated concern for Environment, Social
responsibility, and Governance ("ESG") is not new to us. Our logo
and strapline 'long life reliability does not cost the earth'
continues to demonstrate our commitment to producing quality,
reliable, long life products capable of delivering many years of
service. Our LED Lighting, which was the first to be installed in a
major worldwide passenger train fleet ten years ago, was designed
to last up to twice as long as the competition. We are actively
looking for apprentices and to engage with the science departments
of local schools and we have continued to organise charitable
events to support local and national organisations. Our 'Guiding
Light Principle', published on our website and in our Annual Report
sets out our commitment as does our adoption of the QCA Corporate
Governance Code. We have few major energy consuming activities and
most, if not all, of the byproducts of our operations are recycled.
We design out waste. We are actively working to reduce our
environmental footprint.
Robert B Horvath
Chairman
27 June 2022
Chief Executive's Report
The last 12 months' trading environment has been unprecedented
in recent history. Our delight in the success of winning a number
of large scale and high-profile projects has been somewhat dampened
by the global delays and rescheduling by our transportation
customers. I have worked hard on the Group's strategy and detailed
business review over the past six months and implementation is now
underway.
Looking forward, in our drive for growth and to reduce our
dependency on the Rail market, we previously reported on the launch
of our new Plane Power connector range. I am happy to report that
this is trading as expected and continues to be well received by
our customer base. Following on from this we launched our new Plane
Power Crocodile cable carrier system in the period and, again, I am
pleased to report our first UK order and its selection for use at
the new and prestigious Western Sydney airport being built in
Australia. These wins demonstrate that the work being undertaken in
product development and new distribution channels is the correct
strategy and starting to show returns. Our engineering department
continues to evaluate new initiatives that could further enhance
our Plane Power offering and our business model is being
restructured and resourced to ensure the continuous development of
products to feed into our newly developed sales channels.
During the period we also started the process of obtaining both
the IRIS and AS9100 quality approvals at our electro-mechanical
systems site. It is envisaged that these will be obtained by the
end of the calendar year and will reinforce our credentials for
major rail customers at both home and abroad. They will also enable
us to offer our leading engineering capability to the Aviation and
Defence markets, where our distribution business enjoys an
excellent customer base and reputation.
Our distribution business continues to pursue new franchise
opportunities with a view to not only strengthening our existing
markets but also to move into more industrial niches, such as the
Energy sector. This is a key area of development for the coming
years and, with our newly appointed MD in place for this site, we
are confident in the drive and focus that this strategy will now
receive and the resulting success.
Our lighting and electronic systems business has finished the
heavy load of the design engineering stage of many of its major
projects and, coupled with changes to working methods and
resources, is now poised to better support our push for further
expansion into new customers and products. The recent employment of
a German-based sales resource in support of the DACH rail market is
a key appointment in support of this strategy. This, coupled with
further planned appointments and expansion of our global
distribution network, benefiting from our talented engineering
expertise, shall ensure realisation of the further growth
aspirations of the business.
The development of the Group into an engineering leader covering
multiple markets is a medium-term strategy but one for which we are
well placed and resourced. The changes to working methods, systems
and people have been intense over the last year but should lessen
as we move forward. Our record order book is testament to our
products and the people we have, supporting us in our development
plans, be it organic or acquisition. We remain prudent but
confident and excited in the future for the Group.
Paul Curtis
CEO
27 June 2022
CONSOLIDATED INCOME STATEMENT
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 22 21 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue Note 4 8,625 9,296 18,265
Cost of Sales (7,206) (7,185) (14,558)
----------- ----------- ---------
Gross Profit 1,419 2,111 3,707
Distribution Costs (714) (758) (1,562)
Administrative Expenses (1,292) (1,330) (2,710)
Other Operating Income - 111 217
Underlying Operating (Loss)/Profit (568) 154 (274)
Share Based Payments (8) (11) (28)
Exceptional Costs (11) (9) (46)
---------------------------------------- ----------- ----------- ---------
Operating (Loss)/Profit (587) 134 (348)
Finance Income 40 11 47
Finance Costs (42) (48) (86)
(Loss)/Profit before Tax (589) 97 (387)
Taxation 215 109 353
(Loss)/Profit for the Period (374) 206 (34)
=========== =========== =========
Attributable to:
- Equity holders of the parent (374) 206 (34)
=========== =========== =========
(Loss)/Earnings per share Note
5
- Basic (2.84)p 1.67p (0.27)p
- Diluted (2.84)p 1.62p (0.27)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 22 21 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
(Loss)/Profit for the Period (374) 206 (34)
----------- ----------- ---------
Other comprehensive income
Items that will not be reclassified
to profit or loss:
Actuarial Gain on Pension Scheme 512 399 1,849
Tax on Actuarial Gain (129) (86) (601)
Other Comprehensive Income Net
of Tax 383 313 1,248
----------- ----------- ---------
Total Comprehensive Income
for the Period 9 519 1,214
=========== =========== =========
CONSOLIDATED BALANCE SHEET
As at As at As at
31 Mar 22 31 Mar 30 Sept
21 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-Current Assets
Intangible Assets 1,452 1,409 1,405
Tangible Assets 5,156 5,350 5,188
Right of Use Assets 1,259 1,318 1,245
Retirement Benefits 4,494 2,424 3,943
12,361 10,501 11,781
----------- ----------- ---------
Current Assets
Inventories 4,780 4,069 4,702
Trade and Other Receivables 3,755 4,369 4,111
Current Tax Receivable 218 77 55
Cash and Cash Equivalents 501 1,285 1,358
----------- ----------- ---------
9,254 9,800 10,226
----------- ----------- ---------
Total Assets 21,615 20,301 22,007
Current Liabilities
Bank Loan (189) (189) (191)
Lease Liabilities (358) (374) (323)
Trade and Other Payables (3,698) (3,541) (4,180)
(4,245) (4,104) (4,694)
----------- ----------- ---------
Non-Current Liabilities
Bank Loan (2,030) (2,220) (2,123)
Lease Liabilities (394) (449) (354)
Deferred Tax Liabilities (799) (415) (723)
(3,223) (3,084) (3,200)
----------- ----------- ---------
Total Liabilities (7,468) (7,188) (7,894)
Net Assets 14,147 13,113 14,113
=========== =========== =========
Equity
Share Capital 1,348 1,276 1,345
Investment in Own Shares (324) (324) (324)
Share Premium Account 943 730 929
Share-Based Payment Reserve 64 129 60
Merger Reserve 230 230 230
Retained Earnings 11,886 11,072 11,873
Equity Attributable to Shareholders
of the Parent 14,147 13,113 14,113
=========== =========== =========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 22 21 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Opening equity 14,113 12,551 12,551
----------- ----------- ---------
(Loss)/Profit for the period (374) 206 (34)
Actuarial gain on pension scheme
(net of tax) 383 313 1,248
----------- ----------- ---------
Total comprehensive income
for the period 9 519 1,214
----------- ----------- ---------
Transactions with owners:
Proceeds from issue of shares 17 32 300
Share-based payments 8 11 28
Tax on share-based payments - - 20
----------- ----------- ---------
Closing equity 14,147 13,113 14,113
=========== =========== =========
CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months
to to Year to
31 Mar 22 31 Mar 30 Sept
21 21
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
(Loss)/Profit Before Tax (589) 97 (387)
Finance Costs 42 48 86
Finance Income (40) (11) (47)
Operating (Loss)/Profit (587) 134 (348)
Adjustments for:
Amortisation of Intangible Assets 41 47 111
Depreciation of Tangible Assets 246 256 484
Depreciation of Right of Use
Assets 114 138 273
(Gain) on disposal of Tangible
Assets - (5) -
Loss on disposal of Intangible
Assets - - 53
Equity settled Share Based Payments 8 11 28
Operating cash flow before
movements in
working capital (178) 581 601
Movements in Working Capital:
(Increase) in Inventories (78) (101) (734)
Decrease/(Increase) in Trade
and Other Receivables 356 1,060 1,336
(Decrease)/Increase in Trade
and Other Payables (479) (627) (8)
Cash (outflow)/generated from
operations (379) 913 1,195
Income Taxes Received - - 77
Defined Benefit Pension Contributions
less Settlements - (50) (83)
Net cash (outflow)/inflow from
operating activities (379) 863 1,189
----------- ----------- ---------
Purchase of Software - (16) (16)
Purchase of Property, Plant
& Equipment (67) (40) (100)
Proceeds from Sale of Property,
Plant & Equipment - 5 -
Expenditure on Capitalised Development
Costs (89) (52) (167)
Net cash outflow in investing
activities (156) (103) (283)
----------- ----------- ---------
Repayment of Bank Loan (94) (92) (187)
Principal elements of Lease
Liabilities (203) (212) (420)
Interest Paid (42) (48) (86)
Proceeds from Issue of Share
Capital 17 32 300
Net cash outflow in financing
activities (322) (320) (393)
----------- ----------- ---------
Net (decrease)/increase in Cash
and Cash Equivalents (857) 440 513
Cash and Cash Equivalents at
start of the period 1,358 845 845
Cash and Cash Equivalents at
end of the Period 501 1,285 1,358
=========== =========== =========
Reconciliation of cash and
cash equivalents
Cash and Cash Equivalents in
Current Assets 501 1,285 1,358
=========== =========== =========
NET DEBT
An analysis of the change in net debt is shown below:
Bank Lease Cash and
Loan Liabilities Cash Equivalents Net Debt
GBP000 GBP000 GBP000 GBP000
At 1 October 2021 2,313 677 (1,357) 1,633
New Lease
Obligations &
Modifications - -26 278 - 278
Interest Costs 26 16 - 42
Repayment of
Borrowings/Lease
Liabilities (120) (219) 339 -
Other Cash
Absorbed - - 517 517
2,219
At 31 March 2022 2,4219 752 (501) 2,470
================== ========================== ========================== ======================
Notes to the financial statements
----------------------------------
Note 1 BASIS OF PREPARATION
These interim financial statements are for the six months ended
31 March 2022. They do not include all the information required for
full annual financial statements and should be read in conjunction
with the consolidated financial statements of the Group for the
year ended 30 September 2021.
These interim financial statements have been prepared in
accordance with the requirements of UK adopted International
Accounting Standards . These financial statements have been
prepared under the historical cost convention with the exception of
certain items which are measured at fair value.
These interim financial statements have been prepared in
accordance with the accounting policies adopted in the last annual
financial statements for the year to 30 September 2021. The
accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these interim financial
statements and are expected to be followed throughout the year
ending 30 September 2022.
Note 2 Summary of Significant Accounting Policies
Use of judgements and estimates
In preparing these interim financial statements management is
required to make judgements on the application of the Group's
accounting policies and make estimates about the future. Actual
results may differ from these assumptions. The significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the
same as those described in the consolidated financial statements
for the year ended 30 September 2021.
New standards and interpretation adopted by the Group
There has been no impact of new standards and interpretations
adopted in the period.
Note 3 GOING CONCERN
The Group's business activities and the factors likely to affect
its future performance together with the Group's treasury policy,
its approach to the management of financial risk, and its exposure
to liquidity and credit risks are outlined fully in the Annual
Report & Accounts 2021 which details macro-economic impacts
including those related to Covid-19 and supply chain
disruption.
These economic uncertainties however continue to make
forecasting more difficult. Significant rail project delays have
continued in the period that could not have been foreseen, new
disruptive factors including the Russian invasion of Ukraine
creating heightened inflationary pressures, whilst the Group has no
trade directly with either Country. The Directors have assessed
these and sensitised forecasts accordingly.
In assessing going concern the Directors note that whilst
current economic conditions continue to create uncertainty, with a
particular focus on the supply chain and inflationary pressures,
the Group: (i) is expected to return to profitability through the
second half of its 2022 financial year and continue to trade
profitably in the near term; (ii) has in place adequate working
capital facilities for its forecast needs; (iii) has a strong
current order book with significant further opportunities in its
market place; and (iv) has proven adaptable in past periods of
adversity over many years. Therefore, the Directors believe that it
is well placed to manage its business risks successfully.
Having assessed all aspects of the business and the likely
effectiveness of mitigating actions that the Directors would
consider undertaking or have undertaken, the going concern basis
has been adopted in preparing these interim financial statements.
The continued pause on the Group's dividend policy and voluntary
contributions to the defined benefit pension fund have both
assisted ensure positive cash funds at 31 March 2022.
In reaching this conclusion, the Directors, after making
enquiries, inclusive but not limited to updated forecasts and
expectations, liabilities and risks and ongoing support from the
Group's bank, have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future.
Note 4 Operating Segments
All of the Group's operations and activities are based in, and
its assets located in, the United Kingdom. For management purposes
the Group comprises three product groups (in accordance with IFRS
8) - electro-mechanical systems, engineered component distribution
and lighting & electronic systems (which collectively design,
manufacture and market industrial electrical and electronic
products) - less centre costs, which operate across three market
segments - Rail; Aerospace & Defence, Industrial & Other.
It is on this basis that the Board of Directors assess Group
performance. The split is as follows:
6 months 6 months
to to Year to
31 Mar 31 Mar 30 Sept
22 21 21
Unaudited Unaudited Audited
Electro-mechanical systems 2,972 4,520 7,761
Engineered Component Distribution 1,663 1,604 3,410
Lighting & Electronic systems 3,990 3,172 7,094
Operational Revenue 8,625 9,296 18,265
========== ========== ========
All revenue originates in the UK. An analysis by market segments
and geographical markets is given below:
6 months 6 months
to to Year to
31 Mar 31 Mar 30 Sept
22 21 21
Unaudited Unaudited Audited
Rail 70% 77% 77%
Aerospace & Defence 13% 7% 10%
Industrial & Other 17% 16% 13%
100% 100% 100%
========== ========== ========
United Kingdom 70% 70% 69%
Rest of Europe 20% 18% 19%
Rest of the World 10% 12% 12%
100% 100% 100%
===== ===== =====
Note 5 (Loss)/EARNINGS PER SHARE
The calculations of earnings per share are based upon the
(loss)/profit after tax attributable to ordinary equity
shareholders and the weighted average number of ordinary shares in
issue during the period, less investment in own shares.
Details are as follows:
6 months 6 months
to to Year to
31 Mar 31 Mar 30 Sept
22 21 21
Unaudited Unaudited Audited
(Loss)/Profit for the period
- GBP000 (374) 206 (34)
---------- ---------- --------
Weighted average number of ordinary
shares in issue during the period
(million) 13.161 13.378 12.590
Dilutive effect of share options - 0.392 -
(million)
Number of shares for diluted
earnings per share (million) 13.161 13.770 12.590
========== ========== ========
Basic (loss)/earnings per share (2.84)p 1.67p (0.27)p
Diluted (loss)/earnings per share (2.84)p 1.62p (0.27)p
Basic and diluted earnings per share are based on the weighted
average number of ordinary shares and share options in issue during
the period. For the period ended 31 March 2022 and year ended 30
September 2021, the basic and diluted loss per share are equal
since where a loss is incurred the effect of outstanding share
options and warrants is considered anti-dilutive and is ignored for
the purpose of the loss per share calculation.
Note 6 INFORMATION
LPA Group Plc is the Group's ultimate parent company. It is
incorporated in England and Wales and domiciled in the UK, Company
Number 686429. The address of LPA Group Plc's registered office,
which is also its principal place of business, is Light & Power
House, Shire Hill, Saffron Walden, CB11 3AQ, UK. LPA Group Plc's
shares are quoted on the AIM market of the London Stock
Exchange.
LPA Group Plc's consolidated interim financial statements are
presented in Pounds Sterling (GBP000), which is also the functional
currency of the parent company. These interim financial statements
have been approved for issue by the Board of Directors on 27 June
2022. The financial information set out in this interim report does
not constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The Group's statutory financial statements for
the year ended 30 September 2021 have been filed with the Registrar
of Companies. The auditor's report on those financial statements
was unmodified and did not contain statements under Section 498(2)
or Section 498(3) of the Companies Act 2006.
Copies of this Interim Report are being sent to shareholders who
have requested to receive a hard copy. Shareholders are encouraged
to access copies which are available on the Company's website (
www.lpa-group.com ). Interim Reports will no longer be published as
the Company continues to focus on the reduction of waste and carbon
footprint. A printout of the Interim Report will also be available
by request from the Company's Registrar, or the Company's
registered office, address as above or by email:
investors@lpa-group.com .
Shareholders are encouraged to visit our website where useful
links and assistance have been provided including our Registrars to
assist utilisation of digital channels and receipt of future
dividends and our Brokers who provide equity research.
Note 7 COMPANY INFORMATION
Company contacts
Directors Robert B Horvath Independent Chairman
Paul Curtis Chief Executive Officer
Chris Buckenham Chief Financial Officer
Andrew Jenner Senior Independent Director
Gordon Wakeford Independent Director
Secretary Chris Buckenham
Registered Light & Power House, Shire Hill, Saffron Walden,
Office CB11 3AQ, UK
Registered
Number 00686429
Website www.lpa-group.com
Nominated finnCap
Adviser & Broker 1 Bartholomew Close
London
EC1A 7BL
Auditors RSM UK Audit LLP Bankers Barclays Bank Plc
2nd Floor, North Wing Abacus House
East Castle Park, Castle
City House, Hills Hill
Road Cambridge
Cambridge CB3 0AN
CB2 1RE
Registrars Link Group Solicitors Eversheds Sutherland
10(th) Floor (International) LLP
Central Square 115 Colmore Row
29 Wellington Street Birmingham
Leeds LS1 4DL B3 3AL
Trading subsidiaries
LPA Group Plc headquarters is situated at, and all LPA Group
entities have their registered address at, Light & Power House,
Shire Hill, Saffron Walden, CB11 3AQ, UK .
Trading addresses:
LPA Group entities operate as distinct businesses through
appointed Executive Teams.
Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ,
UK
LPA Industries Ltd / Haswell Engineers Ltd - trading as LPA
Connection Systems
LPA House, Ripley Drive, Normanton, West Yorkshire, WF6 1QT,
UK
Excil Electronics Ltd - trading as LPA Lighting Systems
Bath Road, Thatcham, Berkshire, RG18 3ST, UK
Channel Electric Equipment Ltd - trading as LPA Channel
Electric
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END
IR EAXKXAFAAEFA
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