12th Sep 2019 11:51
(Alliance News) - Fire protection equipment and services firm London Security PLC said Wednesday interim profit and revenue grew amid ongoing acquisition activity, despite the market experiencing price pressure.
For the six months ended June, pretax profit widened 3.0% to GBP10.4 million after revenue rose 7.5% to GBP71.7 million.
During the period, London Security acquired ten businesses for a combined GBP3.0 million. The integration of these businesses has been successful. The firm continues to expect to undertake further acquisitions, in line with its strategy.
"The fire security market is experiencing increased competition and downward pressure on prices," Chair Jacques Gaston Murray said. "Our strategy is to continue to concentrate on the highest levels of customer service to mitigate this."
London Security does not pay an interim dividend.
"We do not expect the economic environment to become any easier in 2019," Murray added. "Nonetheless your group remains in a strong position and will continue to focus on meeting the needs of our customers and our shareholders."
Shares in London Security were untraded at 2,200.00 pence in London on Wednesday.
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