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London Security ups dividend on higher interim revenue and profit

22nd Sep 2023 13:07

(Alliance News) - London Security PLC on Friday hiked its interim dividend, as profit and revenue both improved.

In the first half of 2023, the West Yorkshire, England-based manufacturer of fire protection products reported that pretax profit jumped 26% to GBP13.6 million from GBP10.8 million a year earlier.

Revenue rose by 23% to GBP108.88 million from GBP88.6 million.

The increase, London Security said, is "partly" attributed to the group being able to recruit more direct staff. "This enabled us to address delayed inspections in the period, in turn delivering a non-recurring benefit to the business' revenue and profit," it explained.

In line with the results, London Security announced an interim dividend of 81.0 pence, up 19% from 68.3p.

Looking ahead, London Security said it remains a principal aim 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 by the board," it added.

London Security shares were untraded at 2,920.00 pence each in London on Friday.

By Sophie Rose, Alliance News reporter

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