(Alliance News) - LED lighting system manufacturer LPA Group PLC on Tuesday held its payout despite swinging to a full-year loss amid rail project delays in the UK.
In the year ended September 30, 2019, revenue slumped by 30% to GBP19.5 million from GBP28.0 million. LPA swung to a pretax loss of GBP240,000 from a GBP2.0 million profit the year before.
Chair Peter Pollock said: "The 2019 financial year proved exceptionally challenging as project delays across the rail market were encountered in both UK and export markets. Despite a downturn in revenue of GBP8.5 million, a modest operating profit of GBP200,000 was achieved, exceeding expectations."
LPA held its full-year payout at 2.90 pence per share.
The company also reported that order entry during financial 2019 climbed 34% year-on-year to GBP27.0 million, a new record for LPA.
LPA added: "The strong order entry performance has continued in the first quarter with a further GBP6.4 million booked, and the orders pipeline and the prospects funnel remain encouraging.
"The start of the current financial year was challenging, but, as the quarter progressed the pace of activity has accelerated. We expect good progress throughout the rest of the year and beyond. We are pleased that uncertainty over Brexit has reduced."
Michael Rusch, a non-executive director and group president, is expected to retire in June, LPA said.
The company said it recruiting another non-executive.
LPA shares were 7.8% higher at 103.45p each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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