21st Jan 2016 09:33
LONDON (Alliance News) - LPA Group PLC on Thursday reported growth in profit in its recently-ended financial year as it received an overage payment on the sale of its Tudor Works property, but sales slipped due to delays in some of its projects.
The LED lighting and electro-mechanical system manufacturer said pretax profit in the year ended September 30 grew to GBP793,000 from GBP295,000 the year before, although sales slipped to GBP16.3 million from GBP16.8 million.
LPA said it made an exceptional gain of GBP545,000 as it received payment of an overage from the housing development which bought its former Tudor Works Saffron Walden property in 2013, as the threshold for development value of the site, above which overage payments would be payable, was exceeded.
In the previous year, LPA had an exceptional cost of GBP319,000.
However, sales slipped slightly due to a hiatus in rail franchising which delayed many near-term refurbishment and upgrade projects and some longer-term new vehicle build projects, LPA said, although it advised that the work is not lost but "merely delayed" and that it will "arise in some form later on".
LPA will pay a total dividend of 1.70 pence for the year, up from 1.55p the year before.
"Order entry remains strong, and has exceeded sales during the early months of the current year as orders are placed for projects for which we have previously been selected and new business is won. We look forward to significantly improved progress this year and for the future," Chief Executive Peter Pollock said in a statement.
Shares in LPA were trading up 4% at 92.00 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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