28th Jun 2022 12:36
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 GBP589,000 from profit of GBP97,000 a year ago. Revenue falls to GBP8.6 million from GBP9.3 million. Net debt widens to GBP2.5 million from GBP1.9 million year-on-year.
More positively, the order book grows to GBP30.8 million from GBP26.2 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%
By Tom Budszus; [email protected]
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