REG - LPA Group PLC - Unaudited Interim Results
22/06/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230622:nRSV5123Da&default-theme=true
RNS Number : 5123D LPA Group PLC 22 June 2023
LPA Group Plc
Interim Unaudited Group Results for the six months ended 31 March 2023
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 2023.
KEY POINTS
6 months to 6 months to Year to
31 March 2023 31 March 2022 30 Sept 2022
Unaudited Unaudited Audited
Order Book £34.9m £30.8m £27.8m
Order Entry £16.2m £12.1m £19.7m
Revenue £9.1m £8.6m £19.3m
(Loss) / Profit Before Tax £(0.6m) £(0.6m) £1.1m
Basic (Loss) / Earnings Per Share (3.38)p (2.84)p 8.99p
Loss Before Tax and Exceptional Items £(0.6m) £(0.6m) £(0.2m)
Adjusted Loss Per Share (excluding exceptional items) (3.38)p (2.77)p (1.05)p
Net Debt at period end £1.0m £2.5m £0.5m
Paul Curtis, CEO, commented:
"I'm pleased to report that we have made good strategic progress, a good
acquisition and a record order book with an exceptional order entry year to 31
March 2023.
We look ahead with confidence as we continue to deliver progress on our
strategy. We expect to return to profitability in line with market
expectations for FY23."
Enquiries:
LPA Group plc +44 (0) 1799 512 800
Robert B Horvath, Chairman
Paul Curtis, Chief Executive Officer
Stuart Stanyard, Chief Financial Officer
finnCap (NOMAD and Broker) +44 (0) 20 7220 0500
Ed Frisby / Abigail Kelly (Corporate Finance)
Tim Redfern / Charlotte Sutcliffe (ECM)
Hudson Sandler (Financial PR) +44 (0) 20 7796 4133 lpagroup@hudsonsandler.com
Dan de Belder
Nick Moore
Harry Griffiths
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.
CHAIRMAN'S STATEMENT
The half year has broadly been in line with what we expected for the period
under review. We believe that the recent initiatives we have put in place to
drive the bottom line will take a few months to start bearing results,
consequently we anticipate a return to full year profitability during FY
2023. I am delighted to say that there is light at the end of the tunnel, and
we look forward to seeing growth in FY 2024.
As I mentioned at our AGM, and in the Annual Report, we are seeing the impact
of the new executives we have recruited into the business as well as the
emphasis on targeting more products for the aftercare markets. The workload
and activity level in both Connection Systems and Channel have picked up
markedly. Our Lighting business, which has a number of longer-term contracts,
continued to frustrate with slippage in delivery schedules for New Train sets;
albeit less markedly than a year ago. We were pleased to announce a further
£2m lighting order for ÖBB last month which will support our Lighting
business next year and beyond.
Last year we stated our intention to rebalance the business between project
work and routine products. The acquisition of the 'Inter-car jumper' product
line from Amphenol that we announced in March 2023 is part of our strategy and
will support production volumes at Connections Systems for the next three
years and beyond. We will continue to seek other opportunities to add
intellectual property to the Group to fill capacity in our factories and
become more productive.
We have rightly been cautious with our cash enabling us to remain flexible and
to quickly respond to potential opportunities. We sold surplus land last year
which will help us pay for the acquisition from Amphenol and to support an
expanding working capital growth which inevitably will be required with the
anticipated step up in activity levels over the next 18 months. Our net debt
is down to £1m (31 March 2022: £2.5m) providing us with good headroom in our
existing bank facilities and allowing us to continue our strategy of acquiring
and developing further product lines. Our normal bank facilities are renewable
early next year and we will begin those discussions later this summer.
As I commented at the time of the AGM, and there is no reason to change this
statement, the Board anticipates a return to dividend payment for FY2023.
We continue to look closely at our Environment, Social and Governance ("ESG")
policies. Our 'Guiding Light Principle', published on our website and in our
Annual Report, sets out our commitments as does our adoption of the QCA
Corporate Governance Code. We continue to strive for continuous improvement in
all areas as we work to become a more sustainable business and we have gained
further recognition of this through our enhanced certification at Connection
Systems.
The second half of the year has begun well and turnover across the Group is
beginning to rise in line with expectations. Macroeconomic factors (notably
the impact of higher wages and inflation) are generally challenging and
interest rates may yet rise still further which will no doubt stifle
confidence, but our order book is strong. We believe we have competitive
advantage in our local manufacturing facilities and can deliver quality
product both in the UK and across Europe. We have put in place hedging
strategies to safeguard our profitability vis a vis Euro denominated order
book activity most notably in our Lighting business. The Board remains
confident in the long-term prospects for LPA Group.
Robert B Horvath
Chairman
22 June 2023
Chief Executive's Report
We are pleased to report a strong order intake in H1 2023 resulting in a
record order book of £34.9m. As expected, trading in the first half of the
year started slowly, as we continued to experience delays to some of our rail
projects. It is however encouraging to see an uptick as we move forward, and
we expect to see a less volatile trading profile as we progress through the
remainder of the current year and into the next.
Revenues during the half were up 5.8% at £9.1m when compared to the
equivalent period last year (H1 2022: £8.6m). Inflationary pressures on
energy and materials, plus the investment in people to support our longer-term
strategy, offset these gains resulting in a loss before tax for the period of
£0.6m (H1 2022: loss before tax of £0.6m). Where possible these inflationary
pressures have been passed on and the added value across the Group remains at
target levels.
The acquisition of the Amphenol range of Inter-car jumpers has now been fully
integrated within our Connection Systems business, with deliveries ongoing and
the quality of products being well received by our customers. In addition to
the opportunity this brings us for the supply of additional products to some
3,000 Rail cars over the coming decade, the acquisition has also enhanced our
product offering, therefore enabling more technical options when proposing
product solutions to new projects. The acquisition of product ranges such as
this are perfect for our well-invested factories and the Group remains
vigilant in seeking out other opportunities of this nature.
During the period our Connection Systems facility obtained the prestigious
EN/AS9100 certification, which now qualifies the site for the manufacture of
goods for both the Aviation and Defence industries. This certification is
testament to the systems now in place and means that all Group sites are now
running enhanced quality systems in support of their business.
Alongside this, Connection Systems also achieved ISO14001 certification in the
period and, with our Channel division also on their ISO14001 journey, all
sites will soon be fully compliant to this important environmental standard.
Expanding the Group's sales channels around the world has been a key focus for
the last 18 months. This has, in particular, benefited our Aircraft Ground
Support product range, which continues to trade strongly and deliver on the
strategy and goals set. This sector will continue to benefit from an enhanced
focus on sales channels and product development, with the aim of becoming a
more significant part of the Connection Systems business and, therefore,
lessening the reliance on rail projects as we move forward over the coming
years.
Our distribution business has seen a considerable increase in order intake
over the period and has now returned to levels of pre-pandemic status. The new
MD is now firmly onboard, bringing with him a wealth of knowledge and
experience, and is progressing well with a full strategy review of the
business. This division currently benefits from a healthy business split
between the Aviation / Defence and Rail sectors. However, moving forward, more
emphasis on Aviation / Defence and new markets will be the key focus, with a
view to delivering growth and a diverse spread of revenues across different
market sectors.
Current trading and outlook
The second half of the year has started well with a number of contracts
secured and in the pipeline. As we move through the second half and into next
year, we look forward to benefiting from increasing and more stable revenue
streams. With key positions across the Group now mostly filled, strong order
book levels and a commitment to our strategic goals, we are confident in the
Group's ability to deliver further progress through the remainder of the year
and beyond.
Paul Curtis
CEO
22 June 2023
CONSOLIDATED INCOME STATEMENT
6 months to 6 months to Year to
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
£000 £000 £000
Revenue 9,131 8,625 19,325
5
Cost of Sales (7,373) (7,206) (14,925)
Gross Profit 1,758 1,419 4,400
Distribution Costs (932) (714) (1,781)
Administrative Expenses (1,451) (1,292) (2,865)
Administrative Expenses - Exceptional Items - - 1,323
Other Operating Income - - 7
Underlying Operating (Loss)/Profit (614) (568) (226)
Share Based Payments (11) (8) (13)
Exceptional Items - (11) 1,323
Operating (Loss)/Profit (625) (587) 1,084
Finance Income 100 40 78
Finance Costs (68) (42) (88)
(Loss)/Profit before Tax (593) (589) 1,074
Taxation 148 215 111
(Loss)/Profit for the Period (445) (374) 1,185
Attributable to:
- Equity holders of the parent (445) (374) 1.185
(Loss)/Earnings per share 6
- Basic (3.38)p (2.84)p 8.99p
- Diluted (3.38)p (2.84)p 8.99p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to Restated Year to
6 months to
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
£000 £000 £000
(Loss)/Profit for the Period (445) (374) 1,185
Other comprehensive income
Items that will not be reclassified to profit or loss:
Actuarial Gain / (Loss) on Pension Scheme 184 512 (219)
Restriction of pension asset (99) (194) 49
Other Comprehensive Income 85 318 (170)
Total Comprehensive Income for the Period (360) (56) 1,015
The restatement is explained in Note 1.
CONSOLIDATED BALANCE SHEET
As at Restated As at
As at
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
£000 £000 £000
Non-Current Assets
Intangible Assets 1,955 1,452 1,473
Tangible Assets 4,784 5,156 4,774
Right of Use Assets 1,131 1,259 1,211
Retirement Benefits 2,656 2,921 2,471
Deferred Tax Assets 377 315 229
10,903 11,103 10,158
Current Assets
Inventories 4,748 4,780 4,567
Trade and Other Receivables 4,380 3,755 5,095
Current Tax Receivable 41 218 41
Cash and Cash Equivalents 1,520 501 2,199
10,689 9,254 11,902
Total Assets 21,592 20,357 22,060
Current Liabilities
Bank Loan (2,032) (189) (190)
Lease Liabilities (293) (358) (356)
Trade and Other Payables (4,624) (3,698) (4,584)
(6,949) (4,245) (5,130)
Non-Current Liabilities
Bank Loan - (2,030) (1,934)
Lease Liabilities (236) (394) (240)
(236) (2,424) (2,174)
Total Liabilities (7,185) (6,669) (7,304)
Net Assets 14,407 13,688 14,756
Equity
Share Capital 1,348 1,348 1,348
Investment in Own Shares (324) (324) (324)
Share Premium Account 943 943 943
Share-Based Payment Reserve 60 64 49
Merger Reserve 230 230 230
Retained Earnings 12,150 11,427 12,510
Equity Attributable to Shareholders of the Parent 14,407 13,688 14,756
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
6 months to Restated Year to
6 months to
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
£000 £000 £000
Opening equity 14,756 13,719 13,719
(Loss)/Profit for the period (445) (374) 1,185
Other Comprehensive income 85 318 (170)
Total comprehensive income for the period (360) (56) 1,015
Transactions with owners:
Proceeds from issue of shares - 17 17
Share-based payments 11 8 13
Tax on share-based payments - - (8)
Closing equity 14,407 13,688 14,756
CONSOLIDATED CASH FLOW STATEMENT
6 months to 6 months to Year to
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
£000 £000 £000
(Loss)/Profit Before Tax (593) (589) 1,074
Finance Costs 68 42 88
Finance Income (100) (40) (78)
Operating (Loss)/Profit (625) (587) 1,084
Adjustments for:
Amortisation of Intangible Assets 65 41 95
Depreciation of Tangible Assets 219 246 497
Depreciation of Right of Use Assets 120 114 202
(Gain) on disposal of Tangible Assets - - (1,496)
Equity settled Share Based Payments 11 8 13
Operating cash flow before movements in (210) (178) 395
working capital
Movements in Working Capital:
(Increase) / Decrease in Inventories (181) (78) 135
Decrease/(Increase) in Trade and Other Receivables 715 356 (984)
(Decrease)/Increase in Trade and Other Payables (458) (479) 372
Cash (outflow) generated from operations (134) (379) (82)
Income Taxes Received - - 159
Net cash (outflow)/inflow from operating activities (134) (379) 77
Purchase of Property, Plant & Equipment (141) (67) (88)
Proceeds from Sale of Property, Plant & Equipment - - 1,666
Expenditure on Capitalised Development Costs (71) (89) (163)
Net cash (outflow) / inflow in investing activities (212) (156) 1,415
Repayment of Bank Loan (92) (94) (190)
Principal elements of Lease Liabilities (182) (203) (390)
Interest Paid (59) (42) (88)
Proceeds from Issue of Share Capital - 17 17
Net cash outflow in financing activities (333) (322) (651)
Net (decrease)/increase in Cash and Cash Equivalents (679) (857) 841
Cash and Cash Equivalents at start of the period 2,199 1,358 1,358
Cash and Cash Equivalents at end of the Period 1,520 501 2,199
Reconciliation of cash and cash equivalents
Cash and Cash Equivalents in Current Assets 1,520 501 2,199
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 2022 2,124 596 (2,199) 521
New Lease Obligations & Modifications - 115 - 115
Interest Costs 50 9 - 59
Repayment of Borrowings/Lease Liabilities (142) (191) - (333)
Other Cash Absorbed - - 679 679
At 31 March 2023 2,032 529 (1,520) 1,041
Notes to the financial statements
Note 1 BASIS OF PREPARATION
These interim financial statements are for the six months ended 31 March 2023.
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 2022.
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 2022. 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 2023.
Under UK tax legislation a tax deduction of 35% is applied to a refund from a
UK pension scheme, before it is passed to the employer. The consolidated
income statement and balance sheet for the 6 months ended 31 March 2022 have
been restated to restrict the pension scheme assets by the 35% tax which is
netted off the amounts that would be refunded. Given no further taxes will
be payable by the Group, the deferred tax provision held in relation to the
pension scheme has also been reversed.
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 2022.
New standards and interpretation adopted by the Group
There has been no impact of new standards and interpretations adopted in the
period.
NOTE 3 ACQUISTION OF PRODUCT LINE
As announced on 27 March 2023, LPA made the conditional purchase of a product
line from Amphenol Limited for £500,000. This has been treated as an
intangible asset in the interim accounts and a fair exercise will be carried
out in the second half of the year. The consideration of £500,000 will be
split into two payments of £250,000 payable in H2 2023 and £250,000 payable
in H1 2024.
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 2022 which details
macro-economic impacts including those related to inflation 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. In addition, 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 2023 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.
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) - 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 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
Electro-Mechanical Systems 3,204 2,972 6,533
Engineered Component Distribution 1,655 1,663 3,342
Lighting & Electronic systems 4,272 3,990 9,450
Operational Revenue 9,131 8,625 19,325
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 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
Rail 73% 70% 72%
Aerospace & Defence 21% 13% 13%
Industrial & Other 6% 17% 15%
100% 100% 100%
United Kingdom 55% 70% 65%
Rest of Europe 29% 20% 24%
Rest of the World 16% 10% 11%
100% 100% 100%
NOTE 6 (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 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
(Loss)/Profit for the period - £000 (445) (374) 1,185
Weighted average number of ordinary shares in issue during the period
(million)
13.183 13.161 13,172
Dilutive effect of share options (million) - - 0.007
Number of shares for diluted earnings per share (million) 13,183 13.161 13,179
Basic (loss)/earnings per share (3.38)p (2.84)p 8.99p
Diluted (loss)/earnings per share (3.38)p (2.84)p 8.99p
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 31 March 2023, 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.
Basic Adjusted Earnings per share
Adjusted earnings per share is a key financial performance measure which
discloses the underlying financial performance of the group by excluding
exceptional items. Adjusted basic earnings per share is determined as the
(loss)/profit attributable to the equity holders of LPA Group Plc excluding
the impact of exceptional items divided by the weighted average number of
ordinary shares in issue during the year.
6 months to 6 months to Year to
31 Mar 23 31 Mar 22 30 Sept 22
Unaudited Unaudited Audited
(Loss) / Profit attributable to equity holders of LPA Group Plc - £000 (445) (374) 1,185
Add back exceptional items - £000 - 11 (1,323)
Tax on exceptional items - £000
- (2) -
(Loss) attributable to equity holders of LPA Group Plc before exceptional (445) (365) (138)
items - £000
Weighted average number of ordinary shares in issue during the period 13.183 13.161 13.172
(million)
Adjusted Loss per share (3.38)p (2.77)p (1.05)p
NOTE 7 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 22 June 2023. 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 2022 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.
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 PPUMAQUPWGRGRecent news on LPA
See all newsREG - LPA Group PLC - Result of AGM
AnnouncementREG - LPA Group PLC - AGM Statement
AnnouncementREG - LPA Group PLC - Director/PDMR Shareholding
AnnouncementREG - LPA Group PLC - Trading Update
AnnouncementREG - LPA Group PLC - Holding(s) in Company
Announcement