8th May 2014 12:37
LONDON (Alliance News) - London Security PLC reported a drop in its pretax profit in 2013, despite higher revenues, due to a one-off property gain the prior year.
The company, which makes and sells fire-protection equipment, reported a lower pretax profit of GBP19.9 million, compared with GBP25.1 million last year, when in 2012 it realised a profit gain of GBP5.9 million from the sales of part of its sire in Elland in West Yorkshire.
Revenues for the year increased by 7.8% to GBP101.4 million, up from GBP94.1 million the prior year, part of which it said was boosted by movements in exchange rates, as well as additional revenue gains from its new subsidiaries Noris Feuerschutzgerate GmbH and GC Fire Protection Ltd.
London Security said it is "optimistic for further success in 2014."
"Despite signs of a slow recovery, our market reflects reduced customer confidence and consequent reluctance to invest in our products... But our business remains strong, cash generative and well developed, with positive net funds," the company said in a statement.
London Security shares were down 1.3% early afternoon Thursday, trading at 1,975.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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