TIDMLPA
RNS Number : 5123D
LPA Group PLC
22 June 2023
LPA Group Plc
Interim Unaudited Group Results for the six months ended 31
March 2023
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
2023.
KEY POINTS
6 months 6 months Year to
to to 30 Sept
31 March 31 March 2022
2023 2022
Unaudited Unaudited Audited
Order Book GBP34.9m GBP30.8m GBP27.8m
Order Entry GBP16.2m GBP12.1m GBP19.7m
Revenue GBP9.1m GBP8.6m GBP19.3m
(Loss) / Profit Before Tax GBP(0.6m) GBP(0.6m) GBP1.1m
Basic (Loss) / Earnings Per
Share (3.38)p (2.84)p 8.99p
Loss Before Tax and Exceptional GBP(0.6m) GBP(0.6m) GBP(0.2m)
Items
Adjusted Loss Per Share (excluding
exceptional items) (3.38)p (2.77)p (1.05)p
Net Debt at period end GBP1.0m GBP2.5m GBP0.5m
Paul Curtis, CEO, commented:
"I'm pleased to report that we have made good strategic
progress, a good acquisition and a record order book with an
exceptional order entry year to 31 March 2023.
We look ahead with confidence as we continue to deliver progress
on our strategy. We expect to return to profitability in line with
market expectations for FY23."
Enquiries:
+44 (0) 1799
LPA Group plc 512 800
Robert B Horvath, Chairman
Paul Curtis, Chief Executive
Officer
Stuart Stanyard, Chief Financial
Officer
+44 (0) 20 7220
finnCap (NOMAD and Broker) 0500
Ed Frisby / Abigail Kelly
(Corporate Finance)
Tim Redfern / Charlotte Sutcliffe
(ECM)
Hudson Sandler (Financial +44 (0) 20 7796 lpagroup@hudsonsandler.com
PR) 4133
Dan de Belder
Nick Moore
Harry Griffiths
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.
CHAIRMAN'S STATEMENT
The half year has broadly been in line with what we expected for
the period under review. We believe that the recent initiatives we
have put in place to drive the bottom line will take a few months
to start bearing results, consequently we anticipate a return to
full year profitability during FY 2023. I am delighted to say that
there is light at the end of the tunnel, and we look forward to
seeing growth in FY 2024.
As I mentioned at our AGM, and in the Annual Report, we are
seeing the impact of the new executives we have recruited into the
business as well as the emphasis on targeting more products for the
aftercare markets. The workload and activity level in both
Connection Systems and Channel have picked up markedly. Our
Lighting business, which has a number of longer-term contracts,
continued to frustrate with slippage in delivery schedules for New
Train sets; albeit less markedly than a year ago. We were pleased
to announce a further GBP2m lighting order for ÖBB last month which
will support our Lighting business next year and beyond.
Last year we stated our intention to rebalance the business
between project work and routine products. The acquisition of the
'Inter-car jumper' product line from Amphenol that we announced in
March 2023 is part of our strategy and will support production
volumes at Connections Systems for the next three years and beyond.
We will continue to seek other opportunities to add intellectual
property to the Group to fill capacity in our factories and become
more productive.
We have rightly been cautious with our cash enabling us to
remain flexible and to quickly respond to potential opportunities.
We sold surplus land last year which will help us pay for the
acquisition from Amphenol and to support an expanding working
capital growth which inevitably will be required with the
anticipated step up in activity levels over the next 18 months. Our
net debt is down to GBP1m (31 March 2022: GBP2.5m) providing us
with good headroom in our existing bank facilities and allowing us
to continue our strategy of acquiring and developing further
product lines. Our normal bank facilities are renewable early next
year and we will begin those discussions later this summer.
As I commented at the time of the AGM, and there is no reason to
change this statement, the Board anticipates a return to dividend
payment for FY2023.
We continue to look closely at our Environment, Social and
Governance ("ESG") policies. Our 'Guiding Light Principle',
published on our website and in our Annual Report, sets out our
commitments as does our adoption of the QCA Corporate Governance
Code. We continue to strive for continuous improvement in all areas
as we work to become a more sustainable business and we have gained
further recognition of this through our enhanced certification at
Connection Systems.
The second half of the year has begun well and turnover across
the Group is beginning to rise in line with expectations.
Macroeconomic factors (notably the impact of higher wages and
inflation) are generally challenging and interest rates may yet
rise still further which will no doubt stifle confidence, but our
order book is strong. We believe we have competitive advantage in
our local manufacturing facilities and can deliver quality product
both in the UK and across Europe. We have put in place hedging
strategies to safeguard our profitability vis a vis Euro
denominated order book activity most notably in our Lighting
business. The Board remains confident in the long-term prospects
for LPA Group.
Robert B Horvath
Chairman
22 June 2023
Chief Executive's Report
We are pleased to report a strong order intake in H1 2023
resulting in a record order book of GBP34.9m. As expected, trading
in the first half of the year started slowly, as we continued to
experience delays to some of our rail projects. It is however
encouraging to see an uptick as we move forward, and we expect to
see a less volatile trading profile as we progress through the
remainder of the current year and into the next.
Revenues during the half were up 5.8% at GBP9.1m when compared
to the equivalent period last year (H1 2022: GBP8.6m). Inflationary
pressures on energy and materials, plus the investment in people to
support our longer-term strategy, offset these gains resulting in a
loss before tax for the period of GBP0.6m (H1 2022: loss before tax
of GBP0.6m). Where possible these inflationary pressures have been
passed on and the added value across the Group remains at target
levels.
The acquisition of the Amphenol range of Inter-car jumpers has
now been fully integrated within our Connection Systems business,
with deliveries ongoing and the quality of products being well
received by our customers. In addition to the opportunity this
brings us for the supply of additional products to some 3,000 Rail
cars over the coming decade, the acquisition has also enhanced our
product offering, therefore enabling more technical options when
proposing product solutions to new projects. The acquisition of
product ranges such as this are perfect for our well-invested
factories and the Group remains vigilant in seeking out other
opportunities of this nature.
During the period our Connection Systems facility obtained the
prestigious EN/AS9100 certification, which now qualifies the site
for the manufacture of goods for both the Aviation and Defence
industries. This certification is testament to the systems now in
place and means that all Group sites are now running enhanced
quality systems in support of their business.
Alongside this, Connection Systems also achieved ISO14001
certification in the period and, with our Channel division also on
their ISO14001 journey, all sites will soon be fully compliant to
this important environmental standard.
Expanding the Group's sales channels around the world has been a
key focus for the last 18 months. This has, in particular,
benefited our Aircraft Ground Support product range, which
continues to trade strongly and deliver on the strategy and goals
set. This sector will continue to benefit from an enhanced focus on
sales channels and product development, with the aim of becoming a
more significant part of the Connection Systems business and,
therefore, lessening the reliance on rail projects as we move
forward over the coming years.
Our distribution business has seen a considerable increase in
order intake over the period and has now returned to levels of
pre-pandemic status. The new MD is now firmly onboard, bringing
with him a wealth of knowledge and experience, and is progressing
well with a full strategy review of the business. This division
currently benefits from a healthy business split between the
Aviation / Defence and Rail sectors. However, moving forward, more
emphasis on Aviation / Defence and new markets will be the key
focus, with a view to delivering growth and a diverse spread of
revenues across different market sectors.
Current trading and outlook
The second half of the year has started well with a number of
contracts secured and in the pipeline. As we move through the
second half and into next year, we look forward to benefiting from
increasing and more stable revenue streams. With key positions
across the Group now mostly filled, strong order book levels and a
commitment to our strategic goals, we are confident in the Group's
ability to deliver further progress through the remainder of the
year and beyond.
Paul Curtis
CEO
22 June 2023
CONSOLIDATED INCOME STATEMENT
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 23 22 22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue 5 9,131 8,625 19,325
Cost of Sales (7,373) (7,206) (14,925)
----------- ----------- ---------
Gross Profit 1,758 1,419 4,400
Distribution Costs (932) (714) (1,781)
Administrative Expenses (1,451) (1,292) (2,865)
Administrative Expenses - Exceptional
Items - - 1,323
Other Operating Income - - 7
Underlying Operating (Loss)/Profit (614) (568) (226)
Share Based Payments (11) (8) (13)
Exceptional Items - (11) 1,323
--------------------------------------- ----------- ----------- ---------
Operating (Loss)/Profit (625) (587) 1,084
Finance Income 100 40 78
Finance Costs (68) (42) (88)
(Loss)/Profit before Tax (593) (589) 1,074
Taxation 148 215 111
(Loss)/Profit for the Period (445) (374) 1,185
=========== =========== =========
Attributable to:
- Equity holders of the parent (445) (374) 1.185
=========== =========== =========
(Loss)/Earnings per share 6
- Basic (3.38)p (2.84)p 8.99p
- Diluted (3.38)p (2.84)p 8.99p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Restated
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 23 22 22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
(Loss)/Profit for the Period (445) (374) 1,185
----------- ----------- ---------
Other comprehensive income
Items that will not be reclassified
to profit or loss:
Actuarial Gain / (Loss) on Pension
Scheme 184 512 (219)
Restriction of pension asset (99) (194) 49
Other Comprehensive Income 85 318 (170)
----------- ----------- ---------
Total Comprehensive Income
for the Period (360) (56) 1,015
=========== =========== =========
The restatement is explained
in Note 1.
CONSOLIDATED BALANCE SHEET
As at Restated As at
As at
31 Mar 23 31 Mar 30 Sept
22 22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-Current Assets
Intangible Assets 1,955 1,452 1,473
Tangible Assets 4,784 5,156 4,774
Right of Use Assets 1,131 1,259 1,211
Retirement Benefits 2,656 2,921 2,471
Deferred Tax Assets 377 315 229
10,903 11,103 10,158
---------- ---------- --------
Current Assets
Inventories 4,748 4,780 4,567
Trade and Other Receivables 4,380 3,755 5,095
Current Tax Receivable 41 218 41
Cash and Cash Equivalents 1,520 501 2,199
---------- ---------- --------
10,689 9,254 11,902
---------- ---------- --------
Total Assets 21,592 20,357 22,060
Current Liabilities
Bank Loan (2,032) (189) (190)
Lease Liabilities (293) (358) (356)
Trade and Other Payables (4,624) (3,698) (4,584)
(6,949) (4,245) (5,130)
---------- ---------- --------
Non-Current Liabilities
Bank Loan - (2,030) (1,934)
Lease Liabilities (236) (394) (240)
(236) (2,424) (2,174)
---------- ---------- --------
Total Liabilities (7,185) (6,669) (7,304)
Net Assets 14,407 13,688 14,756
========== ========== ========
Equity
Share Capital 1,348 1,348 1,348
Investment in Own Shares (324) (324) (324)
Share Premium Account 943 943 943
Share-Based Payment Reserve 60 64 49
Merger Reserve 230 230 230
Retained Earnings 12,150 11,427 12,510
Equity Attributable to Shareholders
of the Parent 14,407 13,688 14,756
========== ========== ========
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Restated
6 months 6 months
to to Year to
31 Mar 30 Sept
31 Mar 23 22 22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Opening equity 14,756 13,719 13,719
---------- ---------- --------
(Loss)/Profit for the period (445) (374) 1,185
Other Comprehensive income 85 318 (170)
---------- ---------- --------
Total comprehensive income
for the period (360) (56) 1,015
---------- ---------- --------
Transactions with owners:
Proceeds from issue of shares - 17 17
Share-based payments 11 8 13
Tax on share-based payments - - (8)
---------- ---------- --------
Closing equity 14,407 13,688 14,756
========== ========== ========
CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months
to to Year to
31 Mar 23 31 Mar 30 Sept
22 22
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
(Loss)/Profit Before Tax (593) (589) 1,074
Finance Costs 68 42 88
Finance Income (100) (40) (78)
Operating (Loss)/Profit (625) (587) 1,084
Adjustments for:
Amortisation of Intangible Assets 65 41 95
Depreciation of Tangible Assets 219 246 497
Depreciation of Right of Use
Assets 120 114 202
(Gain) on disposal of Tangible
Assets - - (1,496)
Equity settled Share Based Payments 11 8 13
Operating cash flow before
movements in
working capital (210) (178) 395
Movements in Working Capital:
(Increase) / Decrease in Inventories (181) (78) 135
Decrease/(Increase) in Trade
and Other Receivables 715 356 (984)
(Decrease)/Increase in Trade
and Other Payables (458) (479) 372
Cash (outflow) generated from
operations (134) (379) (82)
Income Taxes Received - - 159
Net cash (outflow)/inflow from
operating activities (134) (379) 77
---------- ---------- --------
Purchase of Property, Plant
& Equipment (141) (67) (88)
Proceeds from Sale of Property,
Plant & Equipment - - 1,666
Expenditure on Capitalised Development
Costs (71) (89) (163)
Net cash (outflow) / inflow
in investing activities (212) (156) 1,415
---------- ---------- --------
Repayment of Bank Loan (92) (94) (190)
Principal elements of Lease
Liabilities (182) (203) (390)
Interest Paid (59) (42) (88)
Proceeds from Issue of Share
Capital - 17 17
Net cash outflow in financing
activities (333) (322) (651)
---------- ---------- --------
Net (decrease)/increase in Cash
and Cash Equivalents (679) (857) 841
Cash and Cash Equivalents at
start of the period 2,199 1,358 1,358
Cash and Cash Equivalents at
end of the Period 1,520 501 2,199
========== ========== ========
Reconciliation of cash and
cash equivalents
Cash and Cash Equivalents in
Current Assets 1,520 501 2,199
========== ========== ========
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 2022 2,124 596 (2,199) 521
New Lease Obligations & Modifications - 115 - 115
Interest Costs 50 9 - 59
Repayment of Borrowings/Lease
Liabilities (142) (191) - (333)
Other Cash Absorbed - - 679 679
At 31 March 2023 2,032 529 (1,520) 1,041
Notes to the financial statements
----------------------------------
Note 1 BASIS OF PREPARATION
These interim financial statements are for the six months ended
31 March 2023. 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 2022.
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 2022. 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 2023.
Under UK tax legislation a tax deduction of 35% is applied to a
refund from a UK pension scheme, before it is passed to the
employer. The consolidated income statement and balance sheet for
the 6 months ended 31 March 2022 have been restated to restrict the
pension scheme assets by the 35% tax which is netted off the
amounts that would be refunded. Given no further taxes will be
payable by the Group, the deferred tax provision held in relation
to the pension scheme has also been reversed.
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 2022.
New standards and interpretation adopted by the Group
There has been no impact of new standards and interpretations
adopted in the period.
NOTE 3 ACQUISTION OF PRODUCT LINE
As announced on 27 March 2023, LPA made the conditional purchase
of a product line from Amphenol Limited for GBP500,000. This has
been treated as an intangible asset in the interim accounts and a
fair exercise will be carried out in the second half of the year.
The consideration of GBP500,000 will be split into two payments of
GBP250,000 payable in H2 2023 and GBP250,000 payable in H1
2024.
NOTE 4 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 2022 which details macro-economic impacts
including those related to inflation 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. In
addition, 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 2023 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.
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 5 Operating Segments
All 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
23 22 22
Unaudited Unaudited Audited
Electro-Mechanical Systems 3,204 2,972 6,533
Engineered Component Distribution 1,655 1,663 3,342
Lighting & Electronic systems 4,272 3,990 9,450
Operational Revenue 9,131 8,625 19,325
========== ========== ========
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
23 22 22
Unaudited Unaudited Audited
Rail 73% 70% 72%
Aerospace & Defence 21% 13% 13%
Industrial & Other 6% 17% 15%
100% 100% 100%
========== ========== ========
United Kingdom 55% 70% 65%
Rest of Europe 29% 20% 24%
Rest of the World 16% 10% 11%
100% 100% 100%
===== ===== =====
NOTE 6 (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
23 22 22
Unaudited Unaudited Audited
(Loss)/Profit for the period
- GBP000 (445) (374) 1,185
---------- ---------- --------
Weighted average number of ordinary
shares in issue during the period
(million) 13.183 13.161 13,172
Dilutive effect of share options
(million) - - 0.007
Number of shares for diluted
earnings per share (million) 13,183 13.161 13,179
========== ========== ========
Basic (loss)/earnings per share (3.38)p (2.84)p 8.99p
Diluted (loss)/earnings per share (3.38)p (2.84)p 8.99p
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 31 March 2023,
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.
Basic Adjusted Earnings per share
Adjusted earnings per share is a key financial performance
measure which discloses the underlying financial performance of the
group by excluding exceptional items. Adjusted basic earnings per
share is determined as the (loss)/profit attributable to the equity
holders of LPA Group Plc excluding the impact of exceptional items
divided by the weighted average number of ordinary shares in issue
during the year.
6 months 6 months
to to Year to
31 Mar 31 Mar 30 Sept
23 22 22
Unaudited Unaudited Audited
(Loss) / Profit attributable
to equity holders of LPA Group
Plc - GBP000 (445) (374) 1,185
Add back exceptional items -
GBP000
Tax on exceptional items - GBP000 - 11 (1,323)
- (2) -
---------- ---------- --------
(Loss) attributable to equity
holders of LPA Group Plc before
exceptional items - GBP000 (445) (365) (138)
Weighted average number of ordinary
shares in issue during the period
(million) 13.183 13.161 13.172
Adjusted Loss per share (3.38)p (2.77)p (1.05)p
NOTE 7 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 22 June
2023. 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 2022 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.
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END
IR PPUMAQUPWGRG
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