30th Sep 2014 12:17
LONDON (Alliance News) - London Security PLC Tuesday reported a rise in pretax profit in the first-half as its revenue rose, and costs were kept under control, despite revenue taking a hit from the strength of sterling.
The company said its pretax profit for the six months to June 30 was GBP9.1 million, against GBP8.8 million the year before.
Revenue in the period was up to GBP51.3 million, from GBP47.8 million, and the group's cost of sales only increased slightly, up to GBP9.8 million from GBP9.3 million last year.
The group's revenue increased by GBP3.5 million, but the strength of sterling against the euro meant its like-for-like revenue in the period was reduced by GBP1.3 million.
The rise in revenue was driven by the acquisitions of Noris Feuerschitzgerate GmbH and GC Fire Protection Ltd. Noris posted GBP2.3 million in sales in the six months to June, while GC has recorded sales over the year to the end June of GBP0.9 million.
London Security shares were untraded on Tuesday, quoted at 2,300 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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