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LPA Group PLC - Essex-based LED lighting and electro-mechanical systems maker - Posts interim loss in the half-year that ended March 31 as it cites ‘customer-driven delays across several of our major projects’. Swings to pretax loss of £589,000 from profit of £97,000 a year ago. Revenue falls to £8.6 million from £9.3 million. Net debt widens to £2.5 million from £1.9 million year-on-year.
More positively, the order book grows to £30.8 million from £26.2 million. ‘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,’ says Chief Executive Officer Paul Curtis.
Says economic uncertainties ‘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,’ LPA says.
Current stock price: 75.30 pence, down 5.3% on Tuesday
12-month change: up 5.3%
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