TIDMLPA
RNS Number : 0272R
LPA Group PLC
24 October 2023
24 October 2023
LPA GROUP PLC
("LPA", the "Company" or the "Group")
Year-End Trading Update
Stronger H2 trading
LPA Group plc, the innovation-led engineering specialist in
electronic and electro-mechanical components and systems, is
pleased to provide a trading update for the year ended 30 September
2023.
Revenues increased to GBP21.7m, up 11% versus the prior year.
Orders increased to GBP25.7m, up 30% compared to prior year,
resulting in a total order book of GBP31.6m at year end.
As previously reported in the interim results, management
anticipated an increase in H2 activity to offset the challenges
faced in H1. We delivered strong trading in H2, leading to an
underlying position of breakeven for the full year.
The Company also expects there will be a positive exceptional
fair value adjustment for the recent product line acquisition
undertaken in March, which continues to trade strongly. As a
consequence, we expect this to result in a reported Group PBT for
the year of approximately GBP1.1m.
With a strong balance sheet, low gearing and excellent new hires
now embedded within the Company, further progress is expected as we
move into our new financial year. We therefore confirm the
intention of restoring a dividend for the 2023 financial year and
beyond.
Paul Curtis, CEO of LPA Group, commented:
"Whilst the last few years have seen the Group face some of the
toughest market conditions in its history, we are pleased to now be
emerging from this. Although some market challenges still remain,
we are confident in our strategy, capabilities and people. This,
combined with our strong balance sheet and low gearing, provides us
with many opportunities to shape and grow the Group as we move
forward. We therefore look forward to the coming years with
enthusiasm and optimism."
*All FY23 financials remain subject to audit.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Capital Markets Limited following
completion of its own corporate merger.
Enquiries:
LPA Group plc +44 (0) 1799 512 800
Robert B Horvath, Chairman
Paul Curtis, Chief Executive Officer
Stuart Stanyard, Chief Financial Officer
Cavendish Capital Markets Ltd (NOMAD and Broker) +44 (0) 20 7220 0500
Ed Frisby / Abigail Kelly (Corporate Finance)
Tim Redfern / Charlotte Sutcliffe (ECM)
Hudson Sandler (Financial PR) +44 (0) 20 7796 4133 lpagroup@hudsonsandler.com
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
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.
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END
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