14th Sep 2018 10:14
LONDON (Alliance News) - London Security PLC said its profit increased in the first half of the year due to business acquisitions, scheduling improvements, and a currency tailwind.
The fire protection company recorded a pretax profit of GBP10.1 million, 7.3% higher than its GBP9.4 million profit the prior year.
Revenue grew to GBP66.7 million in the period from GBP60.6 million, GBP1.3 million of which was attributed to an exchange rate movement in euro to sterling during the period.
The majority of improvement, however, was attributed to both the company's improvements to its service work scheduling and it three business acquisitions during the period. The combined cost of these acquisitions in the period was GBP1.9 million, compared to six acquisitions for GBP1.1 million the year before.
"It remains a principal aim of the group to grow through acquisition. Acquisitions are being sought throughout Europe and the group will invest at the upper end of the price spectrum where an adequate return is envisaged," said London Security Chairman Jacques Murray.
Shares in London Security were untraded at 2,090.00 pence on Friday.
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