11th Sep 2015 07:16
LONDON (Alliance News) - Fire protection products company London Security PLC on Friday said its pretax profit fell in the half to the end of June as its revenue declined but was not offset by cost reductions.
London Security said its pretax profit for the six months to the end of June was GBP7.8 million, down from GBP9.1 million a year earlier. Revenue declined to GBP50.2 million from GBP51.3 million, but this was accompanied by a rise in its cost of sales to GBP10.1 million from GBP9.8 million, hitting its gross margin.
The group said the revenue decline was attributable to the weakness of the euro against sterling in the half, with underlying growth solid and driven primarily by the acquisitions of Pyrotec and Manus.
The company said it is confident it is well-positioned to benefit once growth returns to the market.
Shares in London Security were untraded early Friday, having last traded at 2,015.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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