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LSC London Security Plc

3,050.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
London Security Plc LSE:LSC London Ordinary Share GB0005314363 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3,050.00 2,800.00 3,300.00 3,050.00 3,050.00 3,050.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Fire Protection 188.9M 20.2M 1.6478 18.51 373.95M

London Security PLC Final Results for the Year Ended 31 December 2018 (5069Y)

09/05/2019 9:54am

UK Regulatory


London Security (LSE:LSC)
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TIDMLSC

RNS Number : 5069Y

London Security PLC

09 May 2019

London Security plc

Final Results for the Year Ended 31 December 2018

Chairman's statement

J.G. Murray, Chairman

Financial highlights

Financial highlights of the audited results for the year ended 31 December 2018 compared with the year ended 31 December 2017 are as follows:

   --     revenue of GBP137.7 million (2017: GBP125.9 million); 
   --     EBITDA of GBP29.6 million (2017: GBP27.9 million); 
   --     operating profit of GBP23.2 million (2017: GBP21.7 million); 
   --     profit for the year of GBP16.2 million (2017: GBP14.3 million); and 
   --     a dividend per share of GBP0.80 (2017: GBP0.80). 

Trading review

The financial highlights illustrate that the Group's revenue increased by GBP11.8 million (9.4%) to GBP137.7 million and operating profit increased by GBP1.5 million (6.9%) to GBP23.2 million. These results reflect:

-- the positive impact of acquisitions in 2017 and 2018 in the United Kingdom, Austria and Denmark;

   --      improved performance from our service business in continental Europe; 

-- continued improvement from newer service offerings (e.g. emergency lights and passive fire protection); and

-- the movement in the Euro to Sterling average exchange rate, which had a favourable effect of GBP1.0 million on reported revenue and GBP0.2 million on operating profit.

Acquisitions

It remains a principal aim of the Group to grow through acquisition. Acquisitions are being sought throughout Europe and the Group will invest at prices where an adequate return is envisaged by the Board. In the year under review the Group has acquired four established fire protection businesses and strengthened its position in the passive fire protection market with the acquisition of Amberfire Limited. The Group has grown its presence in the Netherlands, Belgium, Austria and the UK with the acquisition of service contracts from smaller well-established businesses for integration into the Group's existing subsidiaries. In addition, with the acquisition of Linde Brandmateriel Aps the Group has expanded its business into Denmark.

Management and staff

2018 was a year in which the staff performed well and, on behalf of the shareholders, I would like to express thanks and appreciation for their contribution. The Group recognises that we can only achieve our aims with talented and dedicated colleagues who provide outstanding customer service in every area of the business.

The Group was saddened by the sad loss of Michael Gailer following a short illness and is grateful to him for his 19 years of service.

Dividends

A final dividend in respect of 2017 of GBP0.40 per ordinary share was paid to shareholders on 5 July 2018. An interim dividend in respect of 2018 of GBP0.40 per ordinary share was paid to shareholders on 30 November 2018. The Board is recommending the payment of a final dividend in respect of 2018 of GBP0.40 per ordinary share to be paid on 5 July 2019 to shareholders on the register on 7 June 2019. The shares will be marked ex-dividend on 6 June 2019.

Future prospects

The Group will continue to grow and consolidate the fire protection industry with the finest customer care.

Annual General Meeting

The Annual General Meeting will be held at 2 Eaton Gate, London SW1W 9BJ, on 18 June 2018 at 2 pm. You will find enclosed a form of proxy for use at that Meeting, which you are requested to complete and return in accordance with the instructions on the form. Your Directors look forward to meeting you at that time.

J.G. Murray

Chairman

8 May 2019

Consolidated income statement

for the year ended 31 December 2018

 
                                                2018      2017 
                                      Note   GBP'000   GBP'000 
 -----------------------------------  ----  --------  -------- 
 Revenue                                     137,711   125,873 
 Cost of sales                              (31,780)  (26,626) 
 -----------------------------------  ----  --------  -------- 
 Gross profit                                105,931    99,247 
 Distribution costs                         (50,593)  (47,751) 
 Administrative expenses                    (32,163)  (29,757) 
 -----------------------------------  ----  --------  -------- 
 Operating profit                             23,175    21,739 
 -----------------------------------  ----  --------  -------- 
 EBITDA(*)                                    29,557    27,934 
 Depreciation and amortisation               (6,382)   (6,195) 
 -----------------------------------  ----  --------  -------- 
 Operating profit                             23,175    21,739 
 -----------------------------------  ----  --------  -------- 
 Finance income                                  131       237 
 Finance costs                                 (171)     (392) 
 -----------------------------------  ----  --------  -------- 
 Finance costs - net                            (40)     (155) 
 -----------------------------------  ----  --------  -------- 
 Profit before income tax                     23,135    21,584 
 Income tax expense                          (6,945)   (7,239) 
 -----------------------------------  ----  --------  -------- 
 Profit for the year                          16,190    14,345 
 -----------------------------------  ----  --------  -------- 
 Profit is attributable to: 
 Equity shareholders of the Company           16,077    14,310 
 Non-controlling interest                        113        35 
 -----------------------------------  ----  --------  -------- 
                                              16,190    14,345 
 -----------------------------------  ----  --------  -------- 
 Earnings per share 
 Basic and diluted                       1    131.1p    116.7p 
 -----------------------------------  ----  --------  -------- 
 
   *     Earnings before interest, tax, depreciation and amortisation. 

The above results are all as a result of continuing operations.

Consolidated statement of comprehensive income

for the year ended 31 December 2018

 
                                                              2018     2017 
                                                           GBP'000  GBP'000 
--------------------------------------------------------   -------  ------- 
Profit for the financial year                               16,190   14,345 
---------------------------------------------------------  -------  ------- 
Other comprehensive income/(expense): 
Items that may be reclassified subsequently to profit 
 or loss: 
- currency translation differences on foreign currency 
 net investments                                               361    1,439 
Items that will not be reclassified subsequently to 
 profit or loss: 
- actuarial gain recognised in the Nu-Swift Pension 
 Scheme                                                         16      734 
- movement on deferred tax relating to Nu-Swift Pension 
 Scheme surplus                                                (6)    (257) 
- actuarial (loss)/gain recognised in the Ansul Pension 
 Scheme                                                      (145)      721 
- movement on deferred tax relating to Ansul Pension 
 Scheme deficit                                                 36    (313) 
---------------------------------------------------------  -------  ------- 
Other comprehensive income for the year, net of tax            262    2,324 
---------------------------------------------------------  -------  ------- 
Total comprehensive income for the year                     16,452   16,669 
---------------------------------------------------------  -------  ------- 
 

Consolidated statement of changes in equity

for the year ended 31 December 2018

 
                                               Share     Capital 
                                      Share  premium  redemption   Merger    Other  Retained  Non-controlling    Total 
                                    capital  account     reserve  reserve  reserve  earnings         interest   equity 
                                    GBP'000  GBP'000     GBP'000  GBP'000  GBP'000   GBP'000          GBP'000  GBP'000 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
At 1 January 2017                       123      344           1    2,033    7,031    87,021                -   96,553 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Total comprehensive income for the 
 year 
Profit for the financial year             -        -           -        -        -    14,310               35   14,345 
Other comprehensive 
income/(expense): 
- exchange adjustments                    -        -           -        -    1,439         -                -    1,439 
- actuarial gain on pension 
 schemes                                  -        -           -        -        -     1,455                -    1,455 
- net movement on deferred tax 
 relating 
 to pension asset                         -        -           -        -        -     (570)                -    (570) 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Total comprehensive income for the 
 year                                     -        -           -        -    1,439    15,195               35   16,669 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Contributions by and distributions 
 to owners of the Company: 
- dividends                               -        -           -        -        -   (9,808)                -  (9,808) 
Contribution from non-controlling 
 interest on business combination         -        -           -        -        -         -              154      154 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
At 31 December 2017 and 1 January 
 2018                                   123      344           1    2,033    8,470    92,408              189  103,568 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Total comprehensive income for the 
 year 
Profit for the financial year             -        -           -        -        -    16,077              113   16,190 
Other comprehensive 
income/(expense): 
- exchange adjustments                    -        -           -        -      361         -                -      361 
- actuarial loss on pension 
 schemes                                  -        -           -        -        -     (129)                -    (129) 
- net movement on deferred tax 
 relating 
 to pension asset                         -        -           -        -        -        30                -       30 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Total comprehensive income for the 
 year                                     -        -           -        -      361    15,978              113   16,452 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
Contributions by and distributions 
 to owners of the Company: 
- dividends                               -        -           -        -        -   (9,809)                -  (9,809) 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
At 31 December 2018                     123      344           1    2,033    8,831    98,577              302  110,211 
----------------------------------  -------  -------  ----------  -------  -------  --------  ---------------  ------- 
 

The merger reserve is not a distributable reserve. The other reserve relates entirely to the effects of changes in foreign currency exchange rates.

Consolidated statement of financial position

as at 31 December 2018

 
                                                           2018      2017 
                                                        GBP'000   GBP'000 
----------------------------------------------------   --------  -------- 
Assets 
Non-current assets 
Property, plant and equipment                            12,077    11,589 
Intangible assets                                        63,695    61,724 
Deferred tax asset                                          811       589 
Retirement benefit surplus                                4,430     4,397 
-----------------------------------------------------  --------  -------- 
                                                         81,013    78,299 
 ----------------------------------------------------  --------  -------- 
Current assets 
Inventories                                              13,293    11,749 
Trade and other receivables                              28,732    26,063 
Cash and cash equivalents                                26,110    24,652 
-----------------------------------------------------  --------  -------- 
                                                         68,135    62,464 
 ----------------------------------------------------  --------  -------- 
Total assets                                            149,148   140,763 
-----------------------------------------------------  --------  -------- 
Liabilities 
Current liabilities 
Trade and other payables                               (22,713)  (19,576) 
Income tax liabilities                                  (1,731)   (1,699) 
Borrowings                                              (2,125)  (11,125) 
Derivative financial instruments                              -      (54) 
Provision for liabilities and charges                       (5)         - 
-----------------------------------------------------  --------  -------- 
                                                       (26,574)  (32,454) 
 ----------------------------------------------------  --------  -------- 
Non-current liabilities 
Trade and other payables                                  (922)   (1,003) 
Borrowings                                              (7,441)         - 
Derivative financial instruments                           (41)         - 
Deferred tax liabilities                                (1,898)   (1,830) 
Retirement benefit obligations                          (1,880)   (1,721) 
Provision for liabilities and charges                     (181)     (187) 
-----------------------------------------------------  --------  -------- 
                                                       (12,363)   (4,741) 
 ----------------------------------------------------  --------  -------- 
Total liabilities                                      (38,937)  (37,195) 
-----------------------------------------------------  --------  -------- 
Net assets                                              110,211   103,568 
-----------------------------------------------------  --------  -------- 
Shareholders' equity 
Ordinary shares                                             123       123 
Share premium                                               344       344 
Capital redemption reserve                                    1         1 
Merger reserve                                            2,033     2,033 
Other reserves                                            8,831     8,470 
Retained earnings                                        98,577    92,408 
-----------------------------------------------------  --------  -------- 
Equity attributable to owners of the Parent Company     109,909   103,379 
Non-controlling interest                                    302       189 
-----------------------------------------------------  --------  -------- 
Total equity                                            110,211   103,568 
-----------------------------------------------------  --------  -------- 
 

Consolidated statement of cash flows

for the year ended 31 December 2018

 
                                                               2018      2017 
                                                            GBP'000   GBP'000 
--------------------------------------------------------   --------  -------- 
Cash flows from operating activities 
Cash generated from operations                               28,385    25,182 
Interest paid                                                 (147)     (368) 
Income tax paid                                             (7,393)   (7,249) 
---------------------------------------------------------  --------  -------- 
Net cash generated from operating activities                 20,845    17,565 
---------------------------------------------------------  --------  -------- 
Cash flows from investing activities 
Acquisition of subsidiary undertakings (net of cash 
 acquired)                                                  (4,274)   (1,220) 
Purchases of property, plant and equipment                  (3,551)   (3,384) 
Proceeds from the sale of property, plant and equipment         398       349 
Purchases of intangible assets                                (746)     (600) 
Interest received                                                12        30 
---------------------------------------------------------  --------  -------- 
Net cash used in investing activities                       (8,161)   (4,825) 
---------------------------------------------------------  --------  -------- 
Cash flows from financing activities 
Repayments of borrowings                                    (1,614)   (1,809) 
Dividends paid to Company's shareholders                    (9,809)   (9,808) 
Contribution from non-controlling interest                        -       154 
---------------------------------------------------------  --------  -------- 
Net cash used in financing activities                      (11,423)  (11,463) 
---------------------------------------------------------  --------  -------- 
Effects of exchange rates on cash and cash equivalents          197       773 
---------------------------------------------------------  --------  -------- 
Net increase in cash in the year                              1,458     2,050 
Cash and cash equivalents at the beginning of the year       24,652    22,602 
---------------------------------------------------------  --------  -------- 
Cash and cash equivalents at the end of the year             26,110    24,652 
---------------------------------------------------------  --------  -------- 
 

Notes to the financial statements

for the year ended 31 December 2018

1 Earnings per share

The calculation of basic earnings per ordinary share ("EPS") is based on the profit on ordinary activities after taxation of GBP16,077,000 (2017: GBP14,310,000) and on 12,261,477 (2017: 12,261,477) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

For diluted EPS, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. There was no difference in the weighted average number of shares used for the calculation of basic and diluted earnings per share as there are no potentially dilutive shares outstanding.

 
                                                    2018            2017 
                                               --------------  -------------- 
                                               GBP'000  Pence  GBP'000  Pence 
---------------------------------------------  -------  -----  -------  ----- 
Profit on ordinary activities after taxation    16,077  131.1   14,310  116.7 
---------------------------------------------  -------  -----  -------  ----- 
 

2 This preliminary announcement does not constitute the Company's statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The results for the year ended 31 December 2018 have been extracted from the full accounts of the Group for that year which received an unqualified auditor's report and which have not yet been delivered to the Registrar of Companies. The financial information for the year ended 31 December 2017 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The report of the auditor on those filed accounts was unqualified. The accounts for the year ended 31 December 2018 and 31 December 2017 did not contain a statement under s498 (1) to (4) of the Companies Act 2006 or under s237(1) to (4) of the Companies Act 1985.

This preliminary announcement has been prepared in accordance with International Financial Reporting Standards. The Group will post its annual report and accounts to shareholders on 20 May 2019. A copy of the annual report and accounts can be found on the company's webpage (www.londonsecurity.org).

Enquiries

 
 London Security plc 
 Richard Pollard       Tel: 01422 372 852 
  Company Secretary 
 
 WH Ireland Limited 
 Chris Fielding        Tel: 0207 220 1666 
 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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