3rd Feb 2023 10:47
(Alliance News) - LPA Group on Friday said it turned to a profit in its most recently-ended financial year.
The Essex-based LED lighting and electro-mechanical systems maker said it swung to a pretax profit of GBP1.1 million in the year to September 30, from a loss of GBP387,000 a year prior.
Revenue grew 5.8% to GBP19.3 million from GBP18.3 million a year ago, outpacing a rise in cost of sales of 2.5% to GBP14.9 million from GBP14.6 million.
Further, the company noted an exceptional gain of GBP1.3 million, swinging from an exceptional loss of GBP46,000.
The company declared no dividend for financial year 2022, unchanged from a year ago, but expects to restart payouts during the current financial year as it anticipates an "overall return to operating profitability".
Looking ahead, Chair Robert Horvath said: "The company has a bright future built on our capabilities and great customer relationships."
LPA shares fell 1.6% to 75.30 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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