29th Feb 2008 07:01
Lupus Capital PLC29 February 2008 Lupus is able to report that it foresees a satisfactory set of results for theyear ended 31 December 2007 that will be in line with analysts' expectations.The integration of Laird Security Services ("LSS"), acquired on 27 April 2007,has proceeded well. With many benefits coming from operating improvements, LSS synergies withSchlegel Building Products ("Schlegel") and our non-US activities including GallThomson, we should achieve good financial performance despite the US buildingproducts end markets, in which LSS and Schlegel are active, deterioratingthroughout 2007. The eight month contribution from LSS, although incurring a number ofexceptional cost items, has been significant both in profit and as a result ofmany changes and synergies achieved. The reporting structures of both Schlegeland LSS have been altered dramatically with the Schlegel US business nowintegrated into LSS US and the LSS UK companies absorbed under the SchlegelEuropean management team. The LSS loss making conservatory subsidiary was soldon 27 July 2007; several US facilities were closed; purchasing power hasincreased; cost savings have been made; cross selling opportunities grasped andshared product development enhanced. New financial disciplines in LSS UK havegenerated significant cash out of working capital and a greater understanding offinancial performance and opportunity. Gall Thomson Environmental, which manufactures products primarily for the oiland gas sector, has had another record performance beating previous years insales, profits and cash generation. At the year end order books were strong bothin marine and industrial breakaway couplings. All our businesses have generated good cash flow during 2007 enabling us to keepour debt taken on for acquisitions under control. The general economic climate for 2008 is uncertain. The oil and gas sectorremains buoyant. The US housing environment is at a low ebb and the Europeanbuilding components market has become varied between countries. These businessconditions require continuous examination and control of our cost base. Nevertheless, with the continuing opportunities of our LSS acquisition, ourcapable management teams and vigorous financial disciplines, we anticipateanother year of growth and development at Lupus Capital during 2008. Enquiries to: Greg Hutchings 020 7976 8000 Lupus Capital Alan Frame 020 7405 7777 Westport Communications Ltd. 07850 944 187 29 February 2008 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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