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RNS Number : 4770N LPA Group PLC 19 June 2025
19 June 2025
LPA Group Plc
("LPA", the "Company" or the "Group")
Interim Unaudited Group Results for the six months ended 31 March 2025
LPA Group plc ("LPA" or the "Group"), the innovation-led engineering
specialist in electronic and electro-mechanical components and systems,
announces its results for the six months to 31 March 2025.
KEY POINTS
6 months to 6 months to Year to
31 March 2025 31 March 2024 30 Sept 2024
Unaudited Unaudited Audited
Order Entry * £17.0m £8.0m £17.3m
Order Book * £32.8m £28.0m £25.3m
Revenue £9.5m £11.6m £23.5m
Underlying Operating Loss** £(1.1)m £(0.3)m £(0.2)m
Share Based Payments, Negative Goodwill and Exceptional Items £0.6m £(0.1)m £(0.4)m
Loss Before Tax £(0.5)m £(0.4)m £(0.6)m
Basic Loss Per Share (1.49)p (2.27)p (2.46)p
Proposed Dividend Nil Nil Nil
Gearing *** 24.1% 8.6% 13.1%
* Order entry and Order Book are unaudited
** Operating Profit before Share Based Payments, Negative Goodwill and
Exceptional Items
*** Net Debt as a % of Total Equity
Robert Horvath, Chairman, commented:
"Notwithstanding challenging conditions, I am pleased to report that our order
intake exceeded our expectations for the first half of the financial year
proving that demand for our product solutions remains robust.
We continue to make progress in strategically repositioning the Group and its
customer base, with aviation, aerospace and defence now representing 31% of
our business. Despite delays on certain rail contracts as previously
announced, we are confident in delivering a profitable second half and
long-term growth. We expect to deliver results for the full year in line with
current market expectations."
Enquiries:
LPA Group plc +44 (0) 1799 512 800
Robert B Horvath, Chairman www.lpa-group.com
Philo Daniel-Tran, Chief Executive Officer
Stuart Stanyard, Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Advisor & Broker) +44 (0) 20 7220 0500
Corporate Finance
Ed Frisby / Isaac Hooper / Elysia Bough
Corporate Broking
Tim Redfern
Hudson Sandler (Financial PR) +44 (0) 20 7796 4133
Dan de Belder
Nick Moore
Francesca Rosser
About LPA
LPA Group plc (AIM: LPA) is an innovation-led engineering specialist in
electronic and electro-mechanical components and systems.
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 four sites across the UK, selling to customers in the UK and
overseas. Three of these are design and manufacturing sites: Saffron Walden,
Essex - electro-mechanical systems for rail, aviation and industrial;
Knapwell, Cambridge - power supplies for the rail market, Normanton, Yorkshire
- LED lighting and electronic systems for rail and infrastructure. The fourth
site is Thatcham, Berkshire - value-added distribution 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)
CHAIRMAN'S STATEMENT
Last year I reported that the Group is growing its revenue in line with our
strategy and 5-year plan and we expect organic revenue growth to be 50% larger
in 2028 than it was in 2024. In the last six months we have continued to see
strength in the order book and additional opportunities arising particularly
through our two most recent acquisitions. Importantly, I stated that we will
supplement our journey with new opportunities to acquire product lines or
businesses, but always with resilient intellectual property rights embedded
into them. This will enable us to leverage our technical engineering skills to
best effect and diversify across complementary sectors such as industrial and
aviation. The acquisition of the former Martek power supply business in March
2025 is a good example of our strategy coming together.
The first half of this year has been extremely challenging for the business,
which as previously flagged has been largely impacted by the UK passenger rail
market and the indecision that we are seeing in the industry around the
re-nationalisation and formation of Great British Railways ("GBR"). The safe
and reliable operation of rolling stock rests with the operating companies. On
25 May 2025 the Southwest rail operating franchise was terminated and handed
back to the control of GBR soon to be followed by C2C and then Anglia. These
are the start of a series of quarterly 'hand backs' that will see all 14
franchises being run by GBR. Each franchise has operated with rolling stock
provided under operating leases from the Rolling Stock Companies ("ROSCOs");
often designed to be coterminous with the franchise period. These leases will
now need commercial audit. While our sales have been slowed we have
nevertheless won good orders and the Group is pleased to report that there are
further good opportunities and prospects that will arise in the rail industry
in the foreseeable future as these new operating lease arrangements and the
responsibility for the life and maintenance regimes of the fleets falls to GBR
as the Entity in Charge of Maintenance.
Enquiry levels for Aerospace and Aviation products have generally been strong
for us over the last six months, albeit our Red Box sales programme into our
distribution network has been affected by slower certification and release of
newly developed products. Red Box has not met its budget sales aspirations
in the six months, but this is not due to lack of demand. We are however
pleased to have completed the integration of Red Box International and see
long term opportunities within general aviation.
In March 2024 we announced that we had pushed back our budget assumptions for
sales of inter-car jumper connectors to certain UK and EU end customers.
Originally planned to be supplied in five phases, the programme has now been
modified and spread out over an 8-year period with a small ramp up starting in
September 2025. Whilst this clearly spreads the revenue income for the Saffron
Walden facility over a substantially longer period, we expect this will bear
fruit under the new re-nationalised programme.
We started a process a year ago of looking at the size of our overheads, the
number of manufacturing locations, what we could outsource overseas and how we
can create engineering excellence in design and innovation. Software skills
are such an important aspect of modern-day electrical engineering, and we will
continue to focus on this as one of our core strengths. We believe that we
have competitive advantage for many of our products in our local manufacturing
facilities and can deliver quality product both in the UK and overseas.
I was delighted to welcome Dr Philo Daniel-Tran, our new Chief Executive
Officer to the Board in January this year and to hand over the responsibility
for delivering the Board's vision for the business to her. As the new CEO
Philo Daniel, will shape the strategy with her own ideas and bring in skills
to support her. This first half year has been a busy period of transformation
with a particular emphasis on sales and marketing, engineering capability and
operational excellence.
As an exporter, macroeconomic factors are dominated by world events not just
the UK government and policy. This ranges from transport to tariffs to
interest rates and currency exchange, but most of all consumer confidence and
the decision making of our customers wishing to invest in the underlying
transport infrastructure. We have put in place hedging strategies to safeguard
our profitability vis a vis Euro-denominated order book activity most notably
in our Normanton business. We continue to focus on sales, quality and delivery
and have made substantial changes to our management teams and the way we run
the business to support the delivery of our strategic goals. Our people are
integral to our success, and we will continue to invest in them and their
ability to deliver the strategy.
Robert B Horvath
Chairman
19 June 2025
CEO Review
I took up the leadership of this business in January recognising that the
business required change, both structural and pace. Since taking up the helm
I have engaged with the existing leadership team to understand the business
and the root causes of our challenges.
At the end of my first month in post, I announced a reorganisation to
eliminate the divisional structure and create a unified Company with a
"One-LPA" vision. I am confident that this approach will enable functional
teams to share knowledge and resources across all sites, deliver cost
efficiencies and become more customer-centric. Together we have redefined our
Vision, Mission, and Values, and launched strategic action plans focused on
empowering our teams to deliver effectively, enabling us to achieve growth in
both new and existing market segments and portfolios.
The One-LPA structure has provided me with the opportunity to reshape and
energise our new executive team and we expect that all changes will be in
place by the end of FY25. Together, we will deliver the transformation needed
to change the status quo. While the reorganisation will take time to settle, I
am confident that establishing a strong foundation is essential for building
future growth.
I recognise that we currently have too many manufacturing sites in the Group.
To address this, I have initiated the process of moving the production from
Thatcham to the Saffron Walden site by the end of FY25. This transition will
help streamline and consolidate our operations, to become a more operationally
effective business. We also have several strategic optimisation projects in
place to generate cost savings and maximise the Group's capabilities.
We have begun streamlining our existing portfolio of products to align with
our short-term goals, which includes margin enhancement. To achieve our
long-term vision, we will develop a pipeline of customer-centric innovations
in new product development across Aviation, Aerospace and Defence, Rail and
other related markets.
Rail - The Board recognised that the first half trading would be challenging.
However, I am encouraged by the strong order intake across our rail portfolio,
in particular growth in our DACH market. Despite recent schedule changes for
the UK market, I am confident that the work will materialise in due course.
Aviation, Aerospace and Defence - Our Red Box acquisition is becoming more
embedded and new product development will drive our future growth and
diversification; however, our performance has been slightly impacted by
protracted certification on new products in the first half. Our next
generation Quad Plane Power cable carrier has immense potential and prototypes
are currently being tested at major customers. Additionally, our product
solutions are being embedded by our customers in a number of high-profile
exciting aircraft designs.
Industrial and other - We are reassessing our ability to develop the next
generation of current products, whilst talking to prospective customers to
leverage our capabilities into new applications.
LPA is a global leader in the design and manufacture of engineered product
solutions, and I am excited to build and guide my team through this crucial
phase. As we embed our refined strategy and vision, I am confident in LPA's
capabilities and professional heritage, which will help us remain competitive
in our existing market segments and expand into new markets.
Since joining the Company earlier this year, I have been pleased to see that
we have a strong business with a number of attractive growth opportunities.
The measures that have been implemented so far will create a stronger
foundation for future growth, underpinned by a more streamlined and
operationally excellent business. Whilst the first half has had its
challenges, I am confident in our prospects for the future.
Philo Daniel-Tran
19 June 2025
CONSOLIDATED INCOME STATEMENT
6 months to 6 months to Year to
31 Mar 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
£000 £000 £000
Revenue 9,523 11,557 23,546
5
Cost of Sales (7,881) (9,249) (18,068)
Gross Profit 1,642 2,308 5,478
Distribution Costs (1,067) (1,109) (2,424)
Administrative Expenses - exceptional (49) (78) (376)
Administrative Expenses - other (1,644) (1,548) (3,304)
Negative 640
Goodwill
3
Underlying Operating Loss (1,069) (349) (246)
Share Based Payments - - (4)
Negative 640 - -
Goodwill
3
Exceptional (49) (78) (376)
Items
6
Operating Loss (478) (427) (626)
Finance Income 123 113 225
Financing Costs (120) (86) (192)
Loss Before Tax (475) (400) (593)
Taxation 278 100 268
Loss for the Period (197) (300) (325)
Attributable to:
- Equity Holders of the Parent (197) (300) (325)
Loss per Share
7
- Basic (1.49)p (2.27)p (2.46)p
- Diluted (1.49)p (2.27)p (2.46)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to 6 months to Year to
31 Mar 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
£000 £000 £000
Loss for the Period (197) (300) (325)
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Actuarial (Loss)/Gain on Pension Scheme (297) 435 767
Decrease/(Increase) of Restriction of Pension Asset 55 283 183
Other Comprehensive Income (242) 718 950
Total Comprehensive Income for the Period (439) 418 625
CONSOLIDATED BALANCE SHEET
As at As at As at
31 Mar 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
£000 £000 £000
Non-Current Assets
Intangible Assets 4,213 3,743 4,317
Plant property and equipment 5,094 5,290 5,018
Right of Use Assets 572 497 518
Deferred Tax Asset 123 - -
Retirement Benefits 3,619 3,484 3,782
13,621 13,014 13,635
Current Assets
Inventories 6,288 4,894 5,749
Trade and Other Receivables 5,546 5,550 5,389
Derivative Asset 80 - 80
Current Tax Receivable 34 131 34
Cash and Cash Equivalents - 1,456 715
11,948 12,031 11,967
Total Assets 25,569 25,045 25,602
Current Liabilities
Bank Loan (105) (500) (96)
Bank overdraft (1,020) - -
Lease Liabilities (229) (173) (203)
Deferred Consideration (275) (550) (275)
Trade and Other Payables (5,701) (4,896) (5,835)
(7,330) (6,119) (6,409)
Non-Current Liabilities
Bank Loan (2,300) (2,000) (2,359)
Deferred Consideration - (275) (275)
Deferred Tax Liabilities - (332) (155)
Lease Liabilities (149) (169) (175)
(2,449) (2,776) (2,964)
Total Liabilities (9,779) (8,895) (9,373)
Net Assets 15,790 16,150 16,229
Equity
Share Capital 1,351 1,351 1,351
Investment in Own Shares (324) (324) (324)
Share Premium Account 959 959 959
Share Based Payment Reserve 62 58 62
Merger Reserve 230 230 230
Retained Earnings 13,512 13,876 13,951
Equity Attributable to Shareholders of the Parent 15,790 16,150 16,229
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2025 - 6 months (Unaudited) £000 £000 £000 £000 £000 £000 £000
At 1 October 2024 1,351 (324) 959 62 230 13,951 16,229
Loss for the Period - - - - - (197) (197)
Other Comprehensive Income - - - - - (242) (242)
Total Comprehensive Income - - - - - (439) (439)
Transactions with Owners - - - - - - -
At 31 March 2025 1,351 (324) 959 62 230 13,512 15,790
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2024 - 6 months (Unaudited) £000 £000 £000 £000 £000 £000 £000
At 1 October 2023 1,348 (324) 943 62 230 13,454 15,713
Loss for the Period - - - - - (300) (300)
Other Comprehensive Income - - - - - 718 718
Total Comprehensive Income - - - - - 418 418
Proceeds from Issue of Shares 3 - 16 - - - 19
Transfer on Exercise of Share Options - - - (4) - 4 -
Transactions with Owners 3 - 16 (4) - 4 19
At 31 March 2024 1,351 (324) 959 58 230 13,876 16,150
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2024 -Year Audited £000 £000 £000 £000 £000 £000 £000
At 1 October 2023 1,348 (324) 943 62 230 13,454 15,713
Loss for the Year - - - - - (325) (325)
Other Comprehensive Income - - - - - 950 950
Total Comprehensive Income - - - - - 625 625
Share Based Payments - - - 4 - - 4
Dividends - - - - - (132) (132)
Transfer on exercise of Share Options - - - (4) - 4 -
Proceeds from Issue of Shares 3 - 16 - - - 19
Transactions with Owners 3 - 16 - - (128) (109)
At 30 September 2024 1,351 (324) 959 62 230 13,951 16,229
CONSOLIDATED CASH FLOW STATEMENT
6 months to 6 months to Year to
31 Mar 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
£000 £000 £000
Loss Before Tax (475) (400) (593)
Financing costs 120 86 192
Finance Income (123) (113) (225)
Operating Loss (478) (427) (626)
Adjustments for:
Amortisation of Intangible Assets 235 132 346
Depreciation of Tangible Assets 243 269 547
Depreciation of Right of Use Assets 75 79 193
Loss on disposal of Tangible Assets - - 80
Negative Goodwill (640) - -
Equity settled Share Based Payments - - 4
Operating cash flow before movements in (565) 53 544
working capital
Movements in Working Capital:
Increase in Inventories (107) (37) (986)
Decrease in Trade and Other Receivables 182 405 511
(Decrease)/ Increase in Trade and Other Payables (457) 249 1,138
Cash inflow/(outflow) generated from operations (947) 670 1,207
Income Taxes Received - - 47
Net cash (outflow)/inflow from operating activities (947) 670 1,254
Purchase of Product Line - (250) (250)
Purchase of Business (351) (275) (503)
Purchase of Property, Plant & Equipment (32) (223) (218)
Expenditure on Intangible Assets (125) - (615)
Capitalised Development Costs (6) (52) (63)
Net cash outflow in investing activities (514) (800) (1,649)
New Bank Loan - 2,500 2,500
Repayment of Bank Loan (50) (1,949) (2,046)
Principal elements of Lease Liabilities (104) (115) (241)
Interest Paid (120) (71) (192)
Dividend Paid - - (132)
Proceeds from Issue of Share Capital - 19 19
Net cash (outflow)/inflow in financing activities (274) 384 (92)
Net (Decrease)/Increase in Cash and Cash Equivalents (1,735) 254 (487)
Cash and Cash Equivalents at start of the period 715 1,202 1,202
Cash and Cash Equivalents at end of the Period (1,020) 1,456 715
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 2024 2,455 378 (715) 2,118
Interest Costs 116 4 - 120
New Lease Obligations - 104 - 104
Repayment of Borrowings/Lease Liabilities (166) (108) - (274)
Other Cash Absorbed - - 1,735 1,735
At 31 March 2025 2,405 378 1,020 3,803
Notes to the financial statements
Note 1 BASIS OF PREPARATION
These interim financial statements are for the six months ended 31 March 2025.
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 2024.
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 2024. 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 2025.
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 2024.
New standards and interpretation adopted by the Group
There has been no impact of new standards and interpretations adopted in the
period.
NOTE 3 ACQUISITION OF BUSINESS
As announced on 17 March 2025, LPA acquired UK trade and assets of a power
supply provider from Eaton Electrical Products Limited. The book value of
assets acquired was £716,000. A fair value exercise has been carried out and
negative goodwill of £640,000 has been recognised. The consideration of
£76,000 was paid in full on acquisition.
NOTE 4 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 2024 which details
trading, new financing and to a lesser extent supply chain shortages and
inflationary pressures.
In assessing going concern the Directors note that the Group: (i) is expected
to return to profitability through the second half of its 2025 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.
The directors continue to develop its strong working relationship with its
bank that provides for the funding and working capital facilities. Should
there be additional delays in our project-based work then there are actions
available to management to mitigate any cash need. We expect if required the
bank would remain supportive and a suitable agreement would be reached to
provide the Group with sufficient financing.
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.
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 5 Operating Segments
All 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) - LPA Connection Systems
(electro-mechanical), LPA Lighting Systems (lighting & electronics)
systems and LPA Channel Electric (engineered component distribution), which
collectively design, manufacture and market industrial electrical and
electronic products. They operate across three market segments - Rail;
Aerospace & Defence and 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 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
LPA Connection Systems 3,883 4,532 8,620
LPA Lighting Systems 3,546 4,280 9,126
LPA Channel Electric 2,094 2,745 5,800
Operational Revenue 9,523 11,557 23,546
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 25 31 Mar 24 30 Sept 24
Unaudited Unaudited Audited
Rail 64% 69% 69%
Aviation, Aerospace & Defence 31% 26% 25%
Industrial & Other 5% 5% 6%
100% 100% 100%
United Kingdom 57% 61% 59%
Rest of Europe 33% 26% 27%
Rest of the World 10% 13% 14%
100% 100% 100%
NOTE 6 EXCEPTIONAL ITEMS
The exceptional item of £49,000 relates to non-recurring cost relating to the
acquisition of the trading assets of Martek Power and group reorganisation /
staff changes costs. The exceptional item in the year to 30 September 2024
related to the non-recurring acquisition costs of Red Box International and
group reorganisation / staff changes costs.
NOTE 7 Loss PER SHARE
The calculations of loss per share are based upon the loss 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 25 31 Mar 24 30 Sept 23
Unaudited Unaudited Audited
Loss for the period - £000 (197) (300) (325)
Weighted average number of ordinary shares in issue during the period
(million)
13,203 13,192 13,203
Dilutive effect of share options (million) - - -
Number of shares for diluted earnings per share (million) 13,203 13,192 13,203
Basic loss per share (1.49)p (2.27)p (2.46)p
Diluted loss per share (1.49)p (2.27)p (2.46)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 2024 and 31 March 2025, 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 8 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 19 June 2025. 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 2024 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 today 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.
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