Half-Yearly Report 27 Jun 2013 13:22
for the six months to 31 March 2013
LPA Group PLC ("LPA" or "the Group"), the LED lighting and electro-mechanical system manufacturer and distributor, announces its results for the six months to 31 March 2013, and an increase in the interim dividend of 20% to 0.60p.
KEY POINTS
· Revenue: £8.6m (2012: £8.9m)
· Profit before tax: £212,000 (2012: £312,000)
· Diluted earnings per share: 1.49p (2012: 2.22p)
· Interim dividend: 0.60p (2012: 0.50p)
· The LED Lighting business grew sales by 20% and significantly improved margins, and has been selected as preferred bidder for the Intercity Express Programme.
· The Electro-Mechanical Systems business has developed an exciting new High Speed Ethernet Backbone technology for passenger trains, which should also benefit Transport+.
· Group well placed to benefit from forthcoming substantial investment in UK rail sector.
· Sale of the Saffron Walden site is expected later this calendar year.
Michael Rusch, Chairman, comments:
"In my statement at the Annual General Meeting I advised that we expected a result for the first half which, while satisfactory, would fall short of last year, but provide a good base for achievement of expectations for the year as a whole. This has proved to be the case, but unlike last year when there was a confluence of positive effects in the second half, this year is proving very much more challenging.
"Our Lighting business is exceeding expectations and our main Electro-Mechanical business is meeting expectations and has developed new technology, which will also benefit Transport+ in the future.
"We have a very high level of tendering activity and we have received a number of Letters of Intent, but the hiatus in rail refranchising continues to delay new orders.
"As previously stated, this year is one of transition. We have a large programme of strategic development and rationalisation to deliver, which will commence on the sale of Tudor Works site, expected this calendar year.
"As a measure of our confidence for the future, the interim dividend has been increased 20% to 0.60p."