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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lpa Group Plc | LSE:LPA | London | Ordinary Share | GB0007320806 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 64.00 | 60.00 | 68.00 | 64.00 | 64.00 | 64.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electrical Machy, Equip, Nec | 21.71M | 859k | 0.0637 | 10.05 | 8.63M |
From Apr 2019 to Apr 2024
TIDMLPA
RNS Number : 2936S
LPA Group PLC
22 June 2018
LPA GROUP PLC
Replacement - Half-Yearly Report for the six months ended 31 March 2018
The following amendment has been made to the 'Half-Yearly Report for the six months ended 31 March 2018' announcement released on 21 June 2018 at 7.00am under RNS No 0569S.
The dividend record date has been corrected to 7 September 2018 and the payment date has been corrected to 28 September 2018.
All other details remain unchanged.
The full amended text is shown below.
LPA GROUP PLC
Half-Yearly Report for the six months ended 31 March 2018
LPA Group PLC ("LPA" or the "Group"), the high reliability LED lighting and electro-mechanical system manufacturer and distributor, announces a strong performance for the six months to 31 March 2018, GBP1.8m of LED Lighting and power socket contracts from a new customer and board reorganisation.
KEY POINTS
-- Revenue increased 28.9% to GBP13.93m (2017: GBP10.81m) -- Operating profit before exceptional items increased 45.4% to GBP1.122m (2017: GBP0.77m).
-- Exceptional costs GBP111,000 (2017: GBP115,000 costs less GBP341,000 of property gain; net GBP226,000 gain)
-- Profit before tax increased 1.1% to GBP987,000 (2016: GBP976,000)
-- Diluted earnings per share decreased 0.30p to 6.51p (2017: 6.81p) due to increased profits chargeable to tax
-- Interim dividend increased 0.05p to 1.10p (2017: 1.05p) -- Order entry decreased 43.4% to GBP8.40m (2017: GBP14.85m) -- Order book stands at GBP16m (2017: GBP22m)
-- Gearing remains unchanged at 31.2% (2017: 31.6%) despite significant increases in working capital and plant and equipment
Michael Rusch, Chairman, comments:
"In my comments at the Annual General Meeting, I reported that output was at record levels and that this had been sustained during the first half. I am pleased to report that operating profits have also been at record levels and that this performance is continuing during the third quarter and should result in an outstanding result for the year. All parts of the Group are performing well.
However, as previously reported, the medium term maybe more challenging. Order entry in Electro-Mechanical and to a lesser extent in LED Lighting has not kept pace with sales and the Group order book has declined. Successive changes in Government procurement policy have impacted domestic supply chains for both new and refurbished trains and there is increased competition in our Asian markets. Nevertheless, we are rising to this challenge and have been selected for GBP1.8m of new LED Lighting and power socket export contracts for trains being imported to the UK, for delivery commencing in the next financial year.
Following the appointment of Chris Buckenham as Chief Financial Officer and Company Secretary in March 2018, we are continuing our board reorganisation. Paul Curtis, Managing Director of LPA Channel Electric Equipment Limited ("LPA Channel"), our highly successful distribution business is appointed Chief Operating Officer with effect from 1(st) October 2018, subject to standard due diligence. Paul was apprenticed at LPA Channel, achieved an MBA and had a successful spell as Sales and Marketing Director of LPA Connection Systems before returning to LPA Channel as Managing Director. At the same time, Peter Pollock, our Chief Executive will become Chairman in succession to me, while I become Group President, remaining a major shareholder and non-executive director. Len Porter remains Senior Non-Executive Director. Once these board appointments have bedded in, we expect to promote Paul to Chief Executive Officer and to appoint a further non-executive director. We shall be adopting the QCA Corporate Governance Code and a road map to compliance.
We have committed a further GBP1m to capital expenditure as a measure of our confidence in the future and we are increasing the interim dividend by 0.05p to 1.10p."
MICHAEL RUSCH - Chairman - 21 June 2018
ENQUIRIES: Tel: LPA Group plc Peter Pollock, Chief Executive 01799 512844 Chris Buckenham, Chief Financial Officer 01799 512859 Cairn Financial (Nominated Adviser) 020 7213 0880 James Caithie / Tony Rawlinson WH Ireland (Broker) 0113 394 6600 Tim Feather / James Sinclair-Ford Instinctif Partners (PR Advisors) 020 7457 2020 Mark Garraway / Helen Tarbet
CHAIRMAN'S STATEMENT
In my comments to the Annual General Meeting, I reported that output was at record levels and that this had been sustained during the first half. I am pleased to report that operating profits have also been at record levels and that this performance is continuing during the third quarter and should result in an outstanding result for the year.
During the first half, Sales increased 29% to a record GBP13.9m (2017: GBP10.8m) reflecting the exceptionally strong order book at the start of the year and Operating Profit increased 45% to GBP1.1m, also a new record, (2017: GBP0.8m). Exceptional costs amounted to GBP0.1m (2017: Exceptional gain GBP0.2m). Profit before tax amounted to GBP0.99m (2017 GBP0.98m) and diluted earnings per share were 6.51p (2018: 6.81p). The dividend is increased by 0.05p to 1.10p. All parts of the Group are performing well.
However, as previously indicated, the medium term maybe more challenging. Order entry in Electro-Mechanical, and to a lesser extent in LED Lighting, has not kept pace with sales and while Distribution is doing well, the Group order book has declined. Government procurement policy has changed impacting domestic supply chains for both new and refurbished trains. The "long term through life" cost approach used on Cross Rail and London Overground, which favoured our reliable, long lived sustainable products has changed to one requiring only support for the franchise period, typically seven years. In addition, the procurement of 7000 new trains, significantly more than the running annual average of around 700 trains, has exceeded domestic capacity to supply, necessitating import from overseas train builders who are not yet existing customers, presenting us with the challenge of displacing existing suppliers to achieve orders.
The flood of new trains has meant the early retirement of some existing trains which would otherwise have required refurbishment and upgrade and provided us with more routine orders. This has particularly impacted Transport+. Some of our export markets, particularly Japan have suffered from increased competition from China and Korea in their export markets and this has presented us with additional challenges.
However, this scenario had been identified for some time and the Group has acted to mitigate it. We have pursued other export opportunities created by imported trains and have won GBP1.8m of orders for LED Lighting and power sockets from a new entrant to the UK market for delivery in the next financial year. We have identified other similar opportunities which we are pursuing. We have invested in new products development and in opening new markets.
We are investing GBP1m in processes and automation to reduce manufacturing costs.
We are continuing to follow a progressive dividend policy: the interim dividend will be increased by 0.05p to 1.10p (2017: 1.05p) which will be paid on 28 September 2018 to those shareholders registered at the close of business on 7 September 2018.
Following the appointment of Chris Buckenham as Chief Financial Officer and Company Secretary in March 2018, we are continuing our board reorganisation. Paul Curtis, Managing Director of LPA Channel Electric Equipment Limited, our highly successful distribution business is appointed Chief Operating Officer with effect from 1st October 2018. Paul was apprenticed at LPA Channel achieved an MBA and had a successful spell as Sales and Marketing Director of LPA Connection Systems before returning to LPA Channel as Managing Director. At the same time, Peter Pollock, our Chief Executive will become Chairman in succession to me, while I become Group President, remaining a major shareholder and Non-Executive Director. Len Porter remains Senior Non-Executive Director. Once these board appointments have bedded in, we expect to promote Paul to Chief Executive Officer and to appoint a further non-executive director.
We shall be adopting the QCA Corporate Governance Code and a road map to full compliance.
As previously reported the levels of sales and profits in the current year are exceptional and may be under pressure next year, but the funnel of opportunities, which leads to the pipeline of orders and order entry, is very encouraging. The Group is in robust shape and we look forward to the future with great confidence.
MICHAEL RUSCH
Chairman - 21 June 2018
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CONSOLIDATED
INCOME
STATEMENT
6 months
6 months to to Year to
31 March 31 March 30 Sept
2018 2017 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Revenue 13,929 10,807 22,482
----------------------------------- -------------------------------- -----------------------------
Operating
profit before
exceptional
items 1,122 772 1,895
Gain on sale
of property - 341 341
Relocation and
other
nonrecurring
costs (111) (115) (268)
Operating
profit 1,012 998 1,968
Finance costs (43) (32) (75)
Finance income 18 10 21
Profit before
tax 987 976 1,914
Taxation (127) (78) (146)
Profit for the
period 860 898 1,768
=================================== ================================ =============================
Attributable
to:
- Equity
holders of
the parent 860 898 1,768
=================================== ================================ =============================
Earnings per
share (see note
2)
- Basic 6.95p 7.37p 14.40p
- Diluted 6.51p 6.81p 13.42p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to 6 months Year to
31 March to 31 March 30 Sept
2018 2017 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Profit for the period 860 898 1,768
----------------------------------- --------------------------------- ---------------------------------
Other comprehensive
income /
(expense)
Items that will not be
reclassified
to profit or loss - - -
Actuarial gain / (loss)
on pension
scheme (396) 294 349
Tax on actuarial gain /
(loss) 65 (57) (77)
Other comprehensive
income /
(expense) net of tax (331) 237 272
----------------------------------- --------------------------------- ---------------------------------
Total comprehensive
income for
the period 529 1,135 2,040
=================================== ================================= =================================
Attributable to:
- Equity holders of
the parent 529 1,135 2,040
=================================== ================================= =================================
CONSOLIDATED BALANCE
SHEET
As at As at As at
31 March 18 31 March 30 Sept
17 17
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 1,187 1,190 1,185
Property, plant and
equipment 6,843 6,686 6,851
Retirement benefits 983 1,195 1,311
9,013 9,071 9,347
----------------------------------- --------------------------------- -------------------------------
Current assets
Inventories 4,821 3,593 4,417
Trade and other
receivables 6,041 4,721 5,054
Cash and cash
equivalents 44 138 119
----------------------------------- --------------------------------- -------------------------------
10,905 8,452 9,590
----------------------------------- --------------------------------- -------------------------------
Total assets 19,917 17,523 18,937
Current liabilities
Bank overdraft (817) (640) (216)
Bank loans and other
borrowings (251) (265) (277)
Current tax payable (188) (199) (64)
Trade and other
payables (4,947) (4,061) (4,969)
(6,203) (5,165) (5,526)
----------------------------------- --------------------------------- -------------------------------
Non-current liabilities
Bank loans and other
borrowings (2,420) (2,327) (2,379)
Deferred tax
liabilities (159) (251) (221)
Other payables (90) - (90)
(2,669) (2,578) (2,690)
----------------------------------- --------------------------------- -------------------------------
Total liabilities (8,871) (7,743) (8,216)
----------------------------------- --------------------------------- -------------------------------
Net assets 11,046 9,780 10,721
=================================== ================================= ===============================
Equity
Share capital 1,238 1,231 1,238
Share premium account 628 610 628
Un-issued shares
reserve 134 183 134
Merger reserve 230 230 230
Retained earnings 8,816 7,526 8,491
Equity attributable to
shareholders
of the parent 11,046 9,780 10,721
=================================== ================================= ===============================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 months to 6 months to Year to
31 March 2018 31 March 2017 30 Sept 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Opening equity 10,721 8,689 8,689
Total
comprehensive
income 529 1,135 2,040
Transactions with
owners:
Dividends (204) (185) (315)
Proceeds from
issue of shares - 141 166
Tax benefit on
share based
payments - - 141
Closing equity 11,046 9,780 10,721
================================== ================================ ===========================
CONSOLIDATED
CASH FLOW
STATEMENT
6 months
6 months to to Year to
31 March 31 March 30 Sept
2018 2017 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Profit before
tax 987 976 1,914
Finance costs 43 32 75
Finance
income (18) (10) (21)
Operating
profit 1,012 998 1,968
Adjustments
for:
Depreciation 319 230 543
Amortisation
of
intangible
assets 6 17 36
(Gain) on
sale of
property,
plant
and
equipment (8) (341) (321)
Loan
arrangement
fees - 4 4
1,329 908 2,230
Movements in
working
capital:
Change in
inventories (404) (563) (1,387)
Change in
trade and
other
receivables (987) (43) (376)
Change in
trade and
other
payables (22) 259 1,237
Cash
generated
from
operations (83) 561 1,704
Income taxes
paid - - (112)
Retirement
benefits (50) (50) (100)
Net cash from
operating
activities (133) 511 1,492
----------------------------------- --------------------------------- ------------------------------
Purchase of
property,
plant and
equipment (173) (1,354) (1,643)
Proceeds from
sale of
property,
plant and
equipment 8 524 525
Capitalised
development
expenditure (8) (13) (27)
Net cash
(used in) /
from
investing
activities (173) (843) (1,145)
----------------------------------- --------------------------------- ------------------------------
Drawdown of
bank loans - 500 500
Repayment of
bank loans (98) (603) (702)
Repayment of
obligations
under
finance
leases (53) (27) (81)
Interest paid (15) (7) (23)
Proceeds from
issue of
share
capital - 141 166
Dividends
paid (204) (185) (315)
Net cash
(used in) /
from
financing
activities (370) (181) (455)
----------------------------------- --------------------------------- ------------------------------
Net
(decrease) /
increase in
cash and
cash
equivalents (676) (513) (108)
Cash and cash
equivalents
at
start of the
period (97) 11 11
Cash and cash
equivalents
at
end of the
period (773) (502) (97)
=================================== ================================= ==============================
Reconciliation of
cash and cash
equivalents
6 months
6 months to to Year to
31 March 31 March 30 Sept
2018 2017 2017
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
Cash and cash
equivalents in
current assets 44 138 119
Bank overdraft in
current
liabilities (817) (640) (216)
Cash and cash
equivalents at
end of the period (773) (502) (97)
================================= =============================== =============================
NOTES
1 - BASIS OF PREPARATION
These interim consolidated financial statements are for the six months ended 31 March 2018. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group, for the year ended 30 September 2017.
They have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and applicable law (IFRS) and in accordance with the provisions of the Companies Act 2006 applicable to companies applying IFRS. These financial statements have been prepared under the historical cost convention with the exception of certain items which are measured at fair value.
These consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 September 2017. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements and are expected to be followed throughout the year ending 30 September 2018.
2 - EARNINGS PER SHARE
The calculations of earnings per share are based upon the profit after tax attributable to ordinary equity shareholders and the weighted average number of ordinary shares in issue during the period. Details are as follows:
6 months
6 months to to Year to
31 March 31 March 30 Sept
2018 2017 2017
Unaudited Unaudited Audited
Profit for the period
- GBP000 860 898 1,768
-------------------------------- ------------------------------ ---------------------------
Weighted average
number of ordinary
shares in issue
during the period
(million) 12.377 12.186 12.276
Dilutive effect of
share options 0.831 0.995 0.903
Number of shares for
diluted
earnings per share 13.208 13.181 13.179
================================ ============================== ===========================
Basic earnings per
share 6.95p 7.37p 14.40p
Diluted earnings per
share 6.51p 6.81p 13.42p
3 - ANALYSIS OF NET DEBT
Bank loans Finance Cash and Net debt
lease obligations cash equivalents
GBP000 GBP000 GBP000 GBP000
At 1 October
2017 2,311 345 97 2,753
New finance
lease
obligations - 138 - 138
Draw down of
bank loans - - - -
Interest and
arrangement
fees 28 - - 28
Repayment of
borrowings (98) (53) 151 -
Cash
absorbed - - 525 525
At 31 March
2018 2,241 430 773 3,444
========================== ============================== ============================== =========================
4 - INFORMATION
LPA Group plc is the Group's ultimate parent company. It is incorporated in England and Wales and domiciled in the UK. The address of LPA Group plc's registered office, which is also its principal place of business, is Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ. LPA Group plc's shares are quoted on the AIM market of the London Stock Exchange.
LPA Group plc's consolidated interim financial statements are presented in Pounds Sterling (GBP000), which is also the functional currency of the parent company. These consolidated interim financial statements have been approved for issue by the Board of Directors on 21 June 2018. The financial information for the year ended 30 September 2017 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the year ended 30 September 2017 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain statements under Section 498(2) or Section 498(3) of the Companies Act 2006.
Summarised copies of this Interim Report are being sent to shareholders. Copies are also available from the Company's registered office address as above, or are available on the Company's website (www.lpa-group.com).
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
IR EALKAAEEPEFF
(END) Dow Jones Newswires
June 22, 2018 10:02 ET (14:02 GMT)
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