LPA GROUP PLC
("LPA" or the "Group")
AGM Trading Update and Contract Win
At the AGM of the Group, to be held at 12:00 noon today, Michael Rusch, Chairman, will make the following statement:
In my Chairman's statement in the Annual Report published in January, I reported that we had entered the year at a gallop and that this had continued during the first quarter. I am now pleased to confirm that this pace has been maintained in the second quarter and there is no sign, as yet, of it letting up. We obviously need to urge a little caution, as we have been let down by external factors before, but on the basis of current levels of activity the first half looks like being a record for orders, sales and profits, exceeding our internal expectations by a substantial margin.
All parts of our business are contributing, but LED lighting and engineered component distribution are particularly strong.
It remains to be seen if this pace can be sustained through the whole of the year, but orders to the end of February exceeded sales by 35%, and the forward order book for delivery over the next three years has grown to new record levels.
I am pleased to report that we have been awarded a £1.3m contract by Kinki Sharyo of Japan to supply LED lighting for rolling stock on the Doha Metro in Qatar which is to be supplied over the next three years. The Gulf Region is a new and exciting market for our products. We continue to pursue export opportunities in Asia and Australasia, while endeavouring to satisfy the buoyant rail market at home.
During this year, we expect to relocate our lighting business to an existing, but new to us, facility located within 200 metres of our existing premises. We are planning a phased move so as to minimise disruption. Given the proximity of the new facility to our existing one, we do not expect to lose any of our staff.
There is nothing to suggest that the year as a whole will not substantially exceed current market expectations.
We are very excited about our future. I hope to be able to make equally positive remarks in the Interim Statement to be published in June.
ENQUIRIES:
LPA Group plc |
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Peter Pollock, Chief Executive |
Tel: 07881 626123 or 01799 512844 |
Steve Brett, Finance Director |
Tel: 07881 626127 or 01799 512860 |
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Cairn Financial (Nominated Adviser) |
Tel: 020 7148 7900 |
James Caithie / Avi Robinson |
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WH Ireland (Broker) |
Tel: 0113 394 6600 |
Tim Feather / Liam Gribben |
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Instinctif Partners (PR Adviser) |
Tel: 020 7457 2020 |
Mark Garraway / Rosie Driscoll |
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