Picture of LPA logo

LPA LPA News Story

0.000.00%
gb flag iconLast trade - 00:00
IndustrialsBalancedMicro CapContrarian

REG - LPA Group PLC - Half-year Report

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220628:nRSb3681Qa&default-theme=true

RNS Number : 3681Q  LPA Group PLC  28 June 2022

LPA GROUP PLC

Interim unaudited results for the six months ended 31 March 2022

 

LPA Group plc ("LPA" or the "Group"), the high reliability LED lighting,
electronic and electro-mechanical system designer and manufacturer, announces
its results for the six months to 31 March 2022.

 

KEY POINTS

 

                            6 months to 31 March 2022  6 months to 31 March 2021
                            unaudited                  unaudited

 Order Book                 £30.8m                     £26.2m
 Order Entry                £12.1m                     £13.0m
 Revenue                    £8.6m                      £9.3m
 Underlying (Loss)/Profit*  £(0.6m)                    £0.2m
 (Loss)/Profit before Tax   £(0.6m)                    £0.1m
 (Loss)/Earnings Per Share  (2.84)p                    1.67p
 Net Debt at period end     £2.5m                      £1.9m

 

(*) Operating (loss)/profit before Share Based Payments and Exceptional Costs

Paul Curtis, CEO, commented:

 

"As anticipated our results for the first half are loss making as we continued
to see customer driven delays across several of our major projects.

 

Our order book remains resilient, and we are beginning to achieve better
clarity in schedules and future delivery requirements from our customers which
will result in a stronger second half.

 

I have concluded a strategy and in-depth detailed business review and we are
working hard to implement this to diversify our markets, develop products and
strengthen our workforce to support our aspirations for future growth."

 

Paul Curtis

CEO

27 June 2022

 

 Enquiries:                                                  www.lpa-group.com  Tel:

 LPA Group Plc
 Robert B Horvath                                            Chairman           01799 512844
 Paul Curtis                                                 CEO                01799 512858
 Chris Buckenham                                             CFO                01799 512859

 finnCap                                                     NOMAD and Broker   020 7220 0500
 Ed Frisby / Abigail Kelly / Tim Harper (Corporate Finance)

 Tim Redfern / Charlotte Sutcliffe (ECM)

 

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 (http://www.lpa-group.com) .

 

Regulatory Information

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.

 

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

 

 

 

 

CHAIRMAN'S STATEMENT

As I stated in my FY21 annual Chairman's Statement the continuing trend of
customer delay in our project-based work puts a strain on our ability to fully
recover our overhead and so it has continued in the first half of the year
which has been tough. I also commented that we had a strong order book and
that the future workload gave the management team a great deal of security
from which to reshape the business plan and the management structure to look
for wider opportunities in the electronic and electrical equipment market
place. This also remains true. We rely on our customers "scheduling" to draw
down on our products as part of their overall build and with over 65% of our
sales this period being subject to scheduling, we continue to suffer from
their build programme delays.

 

We are seeing a pickup in the second half for the aviation and rail industry
projects, but supply chain issues will continue to frustrate our ability to
get orders 'out of the door'. At the present time the macroeconomic factors
(notably the impact of higher wages and inflation) are generally challenging
but we believe that in our customer base we have a strong advantage in having
local manufacturing facilities able to deliver quality products. We have won
further work and we have not lost any of our major projects.

 

Sales in the first half were £8,625k (2021: £9,296k) with a consequent
operating loss of £587k (2021: operating profit of £134k). This has resulted
in a loss per share of 2.84p (2021: basic earnings per share of 1.67p).
Gearing is 17.6% (2021: 14.8%), order entry £12.1m (2021: 13.0m) with a
closing order book up 17.8% at a record £30.8m (2021: £26.2m).  The Board
considers it prudent to continue the pause in dividend payments, however this
remains under constant review.

 

Our in-depth detailed business review is complete. We will rebalance the
business between project work and routine products and diversify into
different markets to reduce our dependency on rail.  We have actively looked
at business opportunities and will continue to do so in support of the
strategy. We are well on our way with our investment in people and our
manufacturing sites productivity initiatives which include additional
certifications across these sites and facilities.

 

We have some great people in the Group, and we have plans to bring in more,
particularly across our sales teams and to enhance our design capabilities.
 We are delighted to have recruited Andrea Hector as the new Managing
Director for our distribution business and are actively recruiting a Managing
Director for our electro-mechanical systems business.

 

As my predecessor stated concern for Environment, Social responsibility, and
Governance ("ESG") is not new to us. Our logo and strapline 'long life
reliability does not cost the earth' continues to demonstrate our commitment
to producing quality, reliable, long life products capable of delivering many
years of service. Our LED Lighting, which was the first to be installed in a
major worldwide passenger train fleet ten years ago, was designed to last up
to twice as long as the competition. We are actively looking for apprentices
and to engage with the science departments of local schools and we have
continued to organise charitable events to support local and national
organisations. Our 'Guiding Light Principle', published on our website and in
our Annual Report sets out our commitment as does our adoption of the QCA
Corporate Governance Code. We have few major energy consuming activities and
most, if not all, of the byproducts of our operations are recycled. We design
out waste. We are actively working to reduce our environmental footprint.

 

Robert B Horvath

Chairman

27 June 2022

 

 

Chief Executive's Report

The last 12 months' trading environment has been unprecedented in recent
history.  Our delight in the success of winning a number of large scale and
high-profile projects has been somewhat dampened by the global delays and
rescheduling by our transportation customers.  I have worked hard on the
Group's strategy and detailed business review over the past six months and
implementation is now underway.

 

Looking forward, in our drive for growth and to reduce our dependency on the
Rail market, we previously reported on the launch of our new Plane Power
connector range.  I am happy to report that this is trading as expected and
continues to be well received by our customer base.  Following on from this
we launched our new Plane Power Crocodile cable carrier system in the period
and, again, I am pleased to report our first UK order and its selection for
use at the new and prestigious Western Sydney airport being built in
Australia.  These wins demonstrate that the work being undertaken in product
development and new distribution channels is the correct strategy and starting
to show returns.   Our engineering department continues to evaluate new
initiatives that could further enhance our Plane Power offering and our
business model is being restructured and resourced to ensure the continuous
development of products to feed into our newly developed sales channels.

 

During the period we also started the process of obtaining both the IRIS and
AS9100 quality approvals at our electro-mechanical systems site.   It is
envisaged that these will be obtained by the end of the calendar year and will
reinforce our credentials for major rail customers at both home and abroad.
They will also enable us to offer our leading engineering capability to the
Aviation and Defence markets, where our distribution business enjoys an
excellent customer base and reputation.

 

Our distribution business continues to pursue new franchise opportunities with
a view to not only strengthening our existing markets but also to move into
more industrial niches, such as the Energy sector.  This is a key area of
development for the coming years and, with our newly appointed MD in place for
this site, we are confident in the drive and focus that this strategy will now
receive and the resulting success.

 

Our lighting and electronic systems business has finished the heavy load of
the design engineering stage of many of its major projects and, coupled with
changes to working methods and resources, is now poised to better support our
push for further expansion into new customers and products.  The recent
employment of a German-based sales resource in support of the DACH rail market
is a key appointment in support of this strategy. This, coupled with further
planned appointments and expansion of our global distribution network,
benefiting from our talented engineering expertise, shall ensure realisation
of the further growth aspirations of the business.

 

The development of the Group into an engineering leader covering multiple
markets is a medium-term strategy but one for which we are well placed and
resourced.  The changes to working methods, systems and people have been
intense over the last year but should lessen as we move forward.  Our record
order book is testament to our products and the people we have, supporting us
in our development plans, be it organic or acquisition.  We remain prudent
but confident and excited in the future for the Group.

 

Paul Curtis

CEO

27 June 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED INCOME STATEMENT

                                                                                                                                  6 months to          6 months to          Year to
                                                                                                                                  31 Mar 22            31 Mar 21            30 Sept 21
                                                                                                                                  Unaudited            Unaudited            Audited
                                                                                                                                  £000                 £000                 £000

 Revenue                                                                                                                          8,625                9,296                18,265
                                                              Note
 4
 Cost of Sales                                                                                                                    (7,206)              (7,185)              (14,558)
 Gross Profit                                                                                                                     1,419                2,111                3,707
 Distribution Costs                                                                                                               (714)                (758)                (1,562)
 Administrative Expenses                                                                                                          (1,292)              (1,330)              (2,710)
 Other Operating Income                                                                                                           -                    111                  217

 Underlying Operating (Loss)/Profit                                                                                               (568)                154                  (274)

 Share Based Payments                                                                                                             (8)                  (11)                 (28)
 Exceptional Costs                                                                                                                (11)                 (9)                  (46)

 Operating (Loss)/Profit                                                                                                          (587)                134                  (348)
 Finance Income                                                                                                                   40                   11                   47
 Finance Costs                                                                                                                    (42)                 (48)                 (86)
 (Loss)/Profit before Tax                                                                                                         (589)                97                   (387)
 Taxation                                                                                                                         215                  109                  353

 (Loss)/Profit for the Period                                                                                                     (374)                206                  (34)
 Attributable to:
 - Equity holders of the parent                                                                                                   (374)                206                  (34)

 (Loss)/Earnings per share
                                  Note 5
  - Basic                                                                                                                         (2.84)p              1.67p                (0.27)p
  - Diluted                                                                                                                       (2.84)p              1.62p                (0.27)p

 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                                                                                  6 months to          6 months to          Year to
                                                                                                                                  31 Mar 22            31 Mar 21            30 Sept 21
                                                                                                                                   Unaudited            Unaudited            Audited
                                                                                                                                   £000                 £000                 £000
 (Loss)/Profit for the Period                                                                                                     (374)                206                  (34)

 Other comprehensive income
 Items that will not be reclassified to profit or loss:
 Actuarial Gain on Pension Scheme                                                                                                 512                  399                  1,849
 Tax on Actuarial Gain                                                                                                            (129)                (86)                 (601)
 Other Comprehensive Income Net of Tax                                                                                            383                  313                  1,248

 Total Comprehensive Income for the Period                                                                                        9                    519                  1,214

 CONSOLIDATED BALANCE SHEET
                                                                                                                                  As at                As at                As at
                                                                                                                                  31 Mar 22            31 Mar 21            30 Sept 21
                                                                                                                                  Unaudited            Unaudited            Audited
                                                                                                                                  £000                 £000                 £000
 Non-Current Assets
 Intangible Assets                                                                                                                1,452                1,409                1,405
 Tangible Assets                                                                                                                  5,156                5,350                5,188
 Right of Use Assets                                                                                                              1,259                1,318                1,245
 Retirement Benefits                                                                                                              4,494                2,424                3,943
                                                                                                                                  12,361               10,501               11,781
 Current Assets
 Inventories                                                                                                                      4,780                4,069                4,702
 Trade and Other Receivables                                                                                                      3,755                4,369                4,111
 Current Tax Receivable                                                                                                           218                  77                   55
 Cash and Cash Equivalents                                                                                                        501                  1,285                1,358
                                                                                                                                  9,254                9,800                10,226
 Total Assets                                                                                                                     21,615               20,301               22,007
 Current Liabilities
 Bank Loan                                                                                                                        (189)                (189)                (191)
 Lease Liabilities                                                                                                                (358)                (374)                (323)
 Trade and Other Payables                                                                                                         (3,698)              (3,541)              (4,180)
                                                                                                                                  (4,245)              (4,104)              (4,694)
 Non-Current Liabilities
 Bank Loan                                                                                                                        (2,030)              (2,220)              (2,123)
 Lease Liabilities                                                                                                                (394)                (449)                (354)
 Deferred Tax Liabilities                                                                                                         (799)                (415)                (723)
                                                                                                                                  (3,223)              (3,084)              (3,200)
 Total Liabilities                                                                                                                (7,468)              (7,188)              (7,894)

 Net Assets                                                                                                                       14,147               13,113               14,113

 Equity
 Share Capital                                                                                                                    1,348                1,276                1,345
 Investment in Own Shares                                                                                                         (324)                (324)                (324)
 Share Premium Account                                                                                                            943                  730                  929
 Share-Based Payment Reserve                                                                                                      64                   129                  60
 Merger Reserve                                                                                                                   230                  230                  230
 Retained Earnings                                                                                                                11,886               11,072               11,873

 Equity Attributable to Shareholders of the Parent                                                                                14,147               13,113               14,113

 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                                                                                  6 months to          6 months to          Year to
                                                                                                                                  31 Mar 22            31 Mar 21            30 Sept 21
                                                                                                                                  Unaudited            Unaudited            Audited
                                                                                                                                  £000                 £000                 £000
 Opening equity                                                                                                                   14,113               12,551               12,551
 (Loss)/Profit for the period                                                                                                     (374)                206                  (34)
 Actuarial gain on pension scheme (net of tax)                                                                                    383                  313                  1,248
 Total comprehensive income for the period                                                                                        9                    519                  1,214
 Transactions with owners:
 Proceeds from issue of shares                                                                                                    17                   32                   300
 Share-based payments                                                                                                             8                    11                   28
 Tax on share-based payments                                                                                                      -                    -                    20
 Closing equity                                                                                                                   14,147               13,113               14,113

 CONSOLIDATED CASH FLOW STATEMENT
                                                                                                                                  6 months to          6 months to          Year to
                                                                                                                                  31 Mar 22            31 Mar 21            30 Sept 21
                                                                                                                                  Unaudited            Unaudited            Audited
                                                                                                                                  £000                 £000                 £000
 (Loss)/Profit Before Tax                                                                                                         (589)                97                   (387)
 Finance Costs                                                                                                                    42                   48                   86
 Finance Income                                                                                                                   (40)                 (11)                 (47)
 Operating (Loss)/Profit                                                                                                          (587)                134                  (348)

 Adjustments for:
 Amortisation of Intangible Assets                                                                                                41                   47                   111
 Depreciation of Tangible Assets                                                                                                  246                  256                  484
 Depreciation of Right of Use Assets                                                                                              114                  138                  273
 (Gain) on disposal of Tangible Assets                                                                                            -                    (5)                  -
 Loss on disposal of Intangible Assets                                                                                            -                    -                    53
 Equity settled Share Based Payments                                                                                              8                    11                   28
 Operating cash flow before movements in                                                                                          (178)                581                  601

working capital

 Movements in Working Capital:
 (Increase) in Inventories                                                                                                        (78)                 (101)                (734)
 Decrease/(Increase) in Trade and Other Receivables                                                                               356                  1,060                1,336
 (Decrease)/Increase in Trade and Other Payables                                                                                  (479)                (627)                (8)

 Cash (outflow)/generated from operations                                                                                         (379)                913                  1,195

 Income Taxes Received                                                                                                            -                    -                    77
 Defined Benefit Pension Contributions less Settlements                                                                           -                    (50)                 (83)

 Net cash (outflow)/inflow from operating activities                                                                              (379)                863                  1,189

 Purchase of Software                                                                                                             -                    (16)                 (16)
 Purchase of Property, Plant & Equipment                                                                                          (67)                 (40)                 (100)
 Proceeds from Sale of Property, Plant & Equipment                                                                                -                    5                    -
 Expenditure on Capitalised Development Costs                                                                                     (89)                 (52)                 (167)

 Net cash outflow in investing activities                                                                                         (156)                (103)                (283)

 Repayment of Bank Loan                                                                                                           (94)                 (92)                 (187)
 Principal elements of Lease Liabilities                                                                                          (203)                (212)                (420)
 Interest Paid                                                                                                                    (42)                 (48)                 (86)
 Proceeds from Issue of Share Capital                                                                                             17                   32                   300

 Net cash outflow in financing activities                                                                                         (322)                (320)                (393)
 Net (decrease)/increase in Cash and Cash Equivalents                                                                             (857)                440                  513
 Cash and Cash Equivalents at start of the period                                                                                 1,358                845                  845
 Cash and Cash Equivalents at end of the Period                                                                                   501                  1,285                1,358
 Reconciliation of cash and cash equivalents
 Cash and Cash Equivalents in Current Assets                                                                                      501                  1,285                1,358

 

 

 

 

 

NET DEBT

 

An analysis of the change in net debt is shown below:

                                            Bank Loan                                          Lease Liabilities                                   Cash and Cash Equivalents                         Net Debt
                                            £000                                               £000                                                £000                                              £000
 At 1 October 2021                                   2,313                                     677                                                                   (1,357)                                     1,633
 New Lease Obligations & Modifications      -                       -26                                            278                              -                                                278
 Interest Costs                             26                                                 16                                                  -                                                 42
 Repayment of Borrowings/Lease Liabilities  (120)                                                                (219)                                                    339                                             -
 Other Cash Absorbed                                         -                                                          -                                                 517                                     517

 At 31 March 2022                           2,219        2,4219                                                    752                                          (501)                                            2,470

 

 

 

 Notes to the financial statements

 

Note 1         BASIS OF PREPARATION

 

These interim financial statements are for the six months ended 31 March
2022.  They do not include all 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 2021.

 

These interim financial statements have been prepared in accordance with the
requirements of UK adopted International Accounting Standards. These financial
statements have been prepared under the historical cost convention with the
exception of certain items which are measured at fair value.

 

These 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 2021.  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 2022.

 

Note 2         Summary of Significant Accounting Policies

 

Use of judgements and estimates

 

In preparing these interim financial statements management is required to make
judgements on the application of the Group's accounting policies and make
estimates about the future.  Actual results may differ from these
assumptions.  The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those described in the consolidated financial statements for the
year ended 30 September 2021.

 

 

New standards and interpretation adopted by the Group

 

There has been no impact of new standards and interpretations adopted in the
period.

 

 

 

 

 

 

 

 

 

 

 

Note 3         GOING CONCERN

 

The Group's business activities and the factors likely to affect its future
performance together with the Group's treasury policy, its approach to the
management of financial risk, and its exposure to liquidity and credit risks
are outlined fully in the Annual Report & Accounts 2021 which details
macro-economic impacts including those related to Covid-19 and supply chain
disruption.

 

These economic uncertainties however continue to make forecasting more
difficult.  Significant rail project delays have continued in the period that
could not have been foreseen, new disruptive factors including the Russian
invasion of Ukraine creating heightened inflationary pressures, whilst the
Group has no trade directly with either Country.  The Directors have assessed
these and sensitised forecasts accordingly.

 

In assessing going concern the Directors note that whilst current economic
conditions continue to create uncertainty, with a particular focus on the
supply chain and inflationary pressures, the Group: (i) is expected to return
to profitability through the second half of its 2022 financial year and
continue to trade profitably in the near term; (ii) has in place adequate
working capital facilities for its forecast needs; (iii) has a strong current
order book with significant further opportunities in its market place; and
(iv) has proven adaptable in past periods of adversity over many years.
Therefore, the Directors believe that it is well placed to manage its business
risks successfully.

 

Having assessed all aspects of the business and the likely effectiveness of
mitigating actions that the Directors would consider undertaking or have
undertaken, the going concern basis has been adopted in preparing these
interim financial statements.  The continued pause on the Group's dividend
policy and voluntary contributions to the defined benefit pension fund have
both assisted ensure positive cash funds at 31 March 2022.

 

In reaching this conclusion, the Directors, after making enquiries, inclusive
but not limited to updated forecasts and expectations, liabilities and risks
and ongoing support from the Group's bank, have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the
foreseeable future.

 

Note 4         Operating Segments

 

All of the Group's operations and activities are based in, and its assets
located in, the United Kingdom.  For management purposes the Group comprises
three product groups (in accordance with IFRS 8) - electro-mechanical systems,
engineered component distribution and lighting & electronic systems (which
collectively design, manufacture and market industrial electrical and
electronic products) - less centre costs, which operate across three market
segments - Rail; Aerospace & Defence, Industrial & Other. It is on
this basis that the Board of Directors assess Group performance. The split is
as follows:

 

                                    6 months to  6 months to  Year to
                                    31 Mar 22    31 Mar 21    30 Sept 21
                                    Unaudited    Unaudited    Audited

 Electro-mechanical systems         2,972        4,520        7,761
 Engineered Component Distribution  1,663        1,604        3,410
 Lighting & Electronic systems      3,990        3,172        7,094
 Operational Revenue                8,625        9,296        18,265

 

All revenue originates in the UK.  An analysis by market segments and
geographical markets is given below:

 

                          6 months to  6 months to  Year to
                          31 Mar 22    31 Mar 21    30 Sept 21
                          Unaudited    Unaudited    Audited

 Rail                     70%          77%          77%
 Aerospace & Defence      13%          7%           10%
 Industrial & Other       17%          16%          13%
                          100%         100%         100%

 

 United Kingdom     70%   70%   69%
 Rest of Europe     20%   18%   19%
 Rest of the World  10%   12%   12%
                    100%  100%  100%

 

 

Note 5        (Loss)/EARNINGS PER SHARE

 

The calculations of earnings per share are based upon the (loss)/profit after
tax attributable to ordinary equity shareholders and the weighted average
number of ordinary shares in issue during the period, less investment in own
shares.

 

Details are as follows:

                                                                        6 months to  6 months to  Year to
                                                                        31 Mar 22    31 Mar 21    30 Sept 21
                                                                        Unaudited    Unaudited    Audited

 (Loss)/Profit for the period - £000                                    (374)        206          (34)
 Weighted average number of ordinary shares in issue during the period
 (million)
                                                                        13.161       13.378       12.590
 Dilutive effect of share options (million)                             -            0.392        -
 Number of shares for diluted earnings per share (million)              13.161       13.770       12.590

 Basic (loss)/earnings per share                                        (2.84)p      1.67p        (0.27)p
 Diluted (loss)/earnings per share                                      (2.84)p      1.62p        (0.27)p

 

Basic and diluted earnings per share are based on the weighted average number
of ordinary shares and share options in issue during the period.  For the
period ended 31 March 2022 and year ended 30 September 2021, the basic and
diluted loss per share are equal since where a loss is incurred the effect of
outstanding share options and warrants is considered anti-dilutive and is
ignored for the purpose of the loss per share calculation.

 

 

Note 6        INFORMATION

 

LPA Group Plc is the Group's ultimate parent company.  It is incorporated in
England and Wales and domiciled in the UK, Company Number 686429.  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, UK.  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 (£000), which is also the functional currency of the parent
company. These interim financial statements have been approved for issue by
the Board of Directors on 27 June 2022.  The financial information 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 2021 have been filed with the
Registrar of Companies.  The auditor's report on those financial statements
was unmodified and did not contain statements under Section 498(2) or Section
498(3) of the Companies Act 2006.

 

Copies of this Interim Report are being sent to shareholders who have
requested to receive a hard copy. Shareholders are encouraged to access copies
which are available on the Company's website (www.lpa-group.com
(http://www.lpa-group.com) ). Interim Reports will no longer be published as
the Company continues to focus on the reduction of waste and carbon
footprint.  A printout of the Interim Report will also be available by
request from the Company's Registrar, or the Company's registered office,
address as above or by email: investors@lpa-group.com
(mailto:investors@lpa-group.com) .

 

Shareholders are encouraged to visit our website where useful links and
assistance have been provided including our Registrars to assist utilisation
of digital channels and receipt of future dividends and our Brokers who
provide equity research.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 7        COMPANY INFORMATION

 

Company contacts

 

 Directors                       Robert B Horvath         Independent Chairman
                                 Paul Curtis                     Chief Executive Officer
                                 Chris Buckenham         Chief Financial Officer
                                 Andrew Jenner             Senior Independent Director
                                 Gordon Wakeford        Independent Director
 Secretary                       Chris Buckenham
 Registered Office               Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ, UK
 Registered Number               00686429
 Website                         www.lpa-group.com (http://www.lpa-group.com)

 Nominated Adviser & Broker      finnCap

                                 1 Bartholomew Close

                                 London

                                 EC1A 7BL

 Auditors                        RSM UK Audit LLP                              Bankers                     Barclays Bank Plc

                                 2nd Floor, North Wing East                                                Abacus House

Castle Park, Castle Hill
                                 City House, Hills Road
Cambridge

                                 Cambridge                                                                 CB3 0AN

                                 CB2 1RE

 Registrars                      Link Group                                    Solicitors                  Eversheds Sutherland (International) LLP

                                 10(th) Floor                                                              115 Colmore Row

                                 Central Square                                                            Birmingham

                                 29 Wellington Street                                                      B3 3AL

                                 Leeds LS1 4DL

 

Trading subsidiaries

LPA Group Plc headquarters is situated at, and all LPA Group entities have
their registered address at, Light & Power House, Shire Hill, Saffron
Walden, CB11 3AQ, UK.

 

Trading addresses:
LPA Group entities operate as distinct businesses through appointed Executive
Teams.

Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ, UK

LPA Industries Ltd / Haswell Engineers Ltd - trading as LPA Connection Systems

 

LPA House, Ripley Drive, Normanton, West Yorkshire, WF6 1QT, UK

Excil Electronics Ltd - trading as LPA Lighting Systems

 

Bath Road, Thatcham, Berkshire, RG18 3ST, UK

Channel Electric Equipment Ltd - trading as LPA Channel Electric

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IR EAXKXAFAAEFA

Recent news on LPA

See all news