Last checked at 26 Jul 2022 11:30
LPA GROUP PLC
("LPA" or the "Group")
Land Sale
LPA Group plc, the high reliability LED lighting, electronic and electro-mechanical system designer and manufacturer, is pleased to announce the sale of an undeveloped plot of land owned by the Group.
Following internal review and taking account of the property market, the Board agreed to market the plot. A blind bid process commenced through an external agent and a cash offer of £1.72m was accepted, and the sale has now completed. The plot is in close proximity to the Group's Saffron Walden site and gave rise to rental income of £7,000 pa from a communications mast which is situated on the plot. The net proceeds are expected to be invested in the medium to long term to support the Group's growth. The book value of the plot at 31 March 2022 was £nil. The proceeds, net of sale costs, will be recognised as an exceptional gain in the current year's results, with gross sales proceeds of £1.72m.
Enquires: | www.lpa-group.com |
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LPA Group plc |
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Robert B Horvath | Chairman |
| 01799 512844 | |
Paul Curtis | CEO |
| 01799 512858 | |
Chris Buckenham | CFO |
| 01799 512859 | |
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finnCap | NOMAD and Broker |
| 020 7220 0500 | |
Ed Frisby / Abigail Kelly / Tim Harper (Corporate Finance) Tim Redfern / Charlotte Sutcliffe (ECM) |
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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 .
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.