REG - LPA Group PLC - Unaudited Interim Results
19/06/2024 07:00
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RNS Number : 9560S LPA Group PLC 19 June 2024
LPA Group Plc
("LPA", the "Company" or the "Group")
Interim Unaudited Group Results for the six months ended 31 March 2024
LPA Group plc ("LPA" or the "Group"), the innovation-led engineering
specialist in electronic and electro-mechanical components and systems,
announces its results for the six months to 31 March 2024.
KEY POINTS
6 months to 6 months to Year to
31 March 2024 31 March 2023 30 Sept 2023
Unaudited Unaudited Audited
Order Entry £8.0m £16.2m £25.5m
Order Book £28.0m £34.9m £31.6m
Revenue £11.6m £9.1m £21.7m
Underlying Operating Loss* £(0.3)m £(0.6)m £(0.1)m
Share Based Payments, Negative Goodwill and Exceptional Items £(0.1)m £0.0m £0.8m
(Loss) / Profit Before Tax £(0.4)m £(0.6)m £0.8m
Basic (Loss) / Earnings Per Share (2.27)p (3.38)p 6.52p
Proposed Dividend Nil Nil 1p
Gearing ** 8.6% 7.2% 7.7%
* Operating Profit before Share Based Payments, Negative Goodwill and
Exceptional Items
** Net Debt as a % of Total Equity
Robert Horvath, Chairman, commented:
"I'm pleased to report that revenue is up by over 26% in the last six months
compared to the equivalent period last year, notwithstanding challenging
conditions.
We continue to make progress in strategically repositioning the Group and its
customer base, with aviation now representing 26% of our business. Whilst the
outlook for the second half of the year is challenging, given the delays on
certain rail contracts as previously announced, we are confident in our
long-term growth and delivering for our shareholders. We expect to deliver
results for the full year in line with current market expectations."
Enquiries:
LPA Group plc +44 (0) 1799 512 800
Robert B Horvath, Chairman www.lpa-group.com
Stuart Stanyard, Chief Financial Officer
Cavendish Capital Markets Limited (NOMAD and Broker) +44 (0) 20 7220 0500
Ed Frisby / Abigail Kelly (Corporate Finance)
Tim Redfern (ECM)
Hudson Sandler (Financial PR) +44 (0) 20 7796 4133
Dan de Belder lpagroup@hudsonsandler.com
Nick Moore
Francesca Rosser
About LPA
LPA Group plc (AIM: LPA) is an innovation-led engineering specialist in
electronic and electro-mechanical components and systems.
Focused on transport (rail and aviation), defence, infrastructure and
industrial markets and supplying into hostile and challenging environments,
LPA is known for engineering solutions to improve product reliability,
reducing maintenance and life cycle costs.
The Group has three sites across the UK, selling to customers in the UK and
overseas. Two of these are design and manufacturing sites: LPA Connection
Systems - electro-mechanical systems for rail, aviation and industrial, and
LPA Lighting Systems - LED lighting and electronic systems for rail and
infrastructure. The third site is LPA Channel Electric - a value added
distributer of engineered components for rail, aerospace and defence.
With over 160 years of UK design and manufacture, and with origins in the
first ever light installed in 'Electric Avenue', Brixton; innovation is core
to LPA and to the products and services supplied to our customers worldwide.
For more information visit www.lpa-group.com (http://www.lpa-group.com)
CHAIRMAN'S STATEMENT
The first half of this year saw a positive impact on revenue growth (revenue
26% higher than this time last year) coming through, which has continued into
the second half of the current year. The gross margin improved slightly but
will increase further as the volume levels increase and fixed overhead is
absorbed. We invested in sales and distribution costs particularly in our
aviation business and this resulted in an operating loss in the first half
which again should be absorbed with top line growth.
The order book has a number of secured large contracts for our rail business
but the programmes have been highly disrupted with announcements suggesting
projects such as Adessia and HS2 are being delayed and now targeted into 2027
delivery. Our strategy is to rebalance from high value new build project work
and set our sights on more product sales and the after-care opportunity. This
must be right, as a plan reliant on major new build train projects, when
infrastructure spend is under constant scrutiny and Government policy is
uncertain, would be ill judged. Our recent announcement of slippage on three
of our call off programmes is proof enough.
The activity levels in our Channel distribution business have picked up
markedly, revenue and profit are ahead of budget. Traditionally the business
has thrived on good design work in the rail sector particularly rolling stock
- there are several targeted upgrades indicating significant workflow
opportunity through this year and next. There are some big prizes to be won
particularly in next generation flight (eVTOL - electrical Vertical take-off
and lift programmes) and Channel are working hard to be part of these
programmes and to be certified into the new designs.
The Lighting business, which is our principal business that has the
longer-term contracts, continued to frustrate with more slippage in delivery
schedules on Central line, OBB and the DTUP (deep tube programme). These
latter two programmes are now expected to deliver right through to 2027. The
second half of the year has begun moderately well but our Lighting business
will struggle with full year profitability this year and into next without
higher revenues to absorb their overhead.
Sales and EBIT were ahead at the half year in our Connection Systems business
and the team have been very busy re-engineering and upgrading products,
integrating the new Red Box acquisition and rebalancing its customer base away
from a high dependency on rail. In parallel the business is improving its
gross margins and will benefit from the aftercare rail market. Aviation is
growing well, is ahead of budget in the last six months and there has been
good progress in refining and adding distributors across the world. We learned
that our Niphan product range forming part of our industrial segment (which is
ahead of budget) has been re-certified for London Underground and HS2 and we
have won some substantial orders for delivery over the next 18 months
In March 2024 we announced that we had paired back our assumptions and now
built in considerable delay in call off orders for our 'Intercar jumper'
product line connector business for the Electrostar rail fleet. Originally
designed and recommended to be supplied in five phases that overlapped we have
pushed back our budget assumptions over £6m of those sales into 2027 and now
beyond as it is clear that the customer is reassessing its preventative
maintenance programmes in this product area. This clearly spreads the revenue
income for Connection systems over a substantially longer period.
The Group is growing its revenue in line with the articulated strategy and
5-year plan and we are expecting organic growth in revenues to be 50% larger
in 2027 than they were in the last annual report. Importantly, we plan to
continue to supplement this journey with new opportunities to acquire more
product lines or businesses, but always with resilient IPR embedded into them
on which we can leverage our technical engineering skills to best effect and
across complimentary sectors such as industrial and aviation.
The investment in our sales and distribution teams, the foundations being laid
at the exhibitions we have been attending, and the enthusiasm of our new
distributors (around the world) for promoting our products are laying the
foundations for growth in revenue. We are investing in enterprise resource
planning in our two principal factories, which will improve our agility to
respond to and price enquiries for subcontract work. We have been able to pass
on some price rises for our longer-term contracts and there is a conscious
effort to address and improve the margins we need to be successful.
We remain cautious with cash, remaining flexible to be able to move quickly.
Our facilities have been renewed and our net debt is £1.4m (30 September 2023
£1.2m) leaving good headroom in our Bank facilities (total facilities of
£4.5m, of which £1.5m was undrawn at period end) to continue our strategy of
acquiring and developing further product lines. We are continuously assessing
new business opportunities and acquisitions.
We continue to look hard at our Environment, Social responsibility, and
Governance ("ESG") policies. Our 'Guiding Light Principle', published on our
website and in our Annual Report sets out our commitment as does our adoption
of the QCA Corporate Governance Code. We continue to strive for continuous
improvement in all areas and including enhanced certification at Connection
systems to supply the defence industry.
Macroeconomic factors (notably the pressure on wages and inflation generally)
are challenging but beginning to be more moderate. Interest rates are still an
inhibitor for investment and stifle confidence, but our order book remains
good. We believe we have competitive advantage in our local manufacturing
facilities and can deliver quality product both in the UK and across Europe.
We have put in place hedging strategies to safeguard our profitability vis a
vis Euro denominated order book activity most notably in our Lighting
business. We have over the last three years made substantial changes to our
management teams at Connections Systems and Channel and the impact, which is
considerable, is delivering growth. Our people are integral to our success and
we must continue to invest in them and their ability to deliver the strategy.
We are in the process of recruiting a new Chief Executive Officer for LPA and
early indications are positive that we will find a new leader to take LPA
forward. I am grateful to my colleague Gordon Wakeford for his time, in
addition to my own, in stepping in to support the senior leadership team.
Robert B Horvath
Chairman
19 June 2024
CONSOLIDATED INCOME STATEMENT
6 months to 6 months to Year to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
£000 £000 £000
Revenue 11,557 9,131 21,712
5
Cost of Sales (9,249) (7,373) (16,646)
Cost of Sales - Exceptional Items - - (152)
Gross Profit 2,308 1,758 4,914
Distribution Costs (1,109) (932) (1,910)
Administrative Expenses (1,548) (1,451) (3,238)
Administrative Expenses - Exceptional Items (78) - -
Negative Goodwill - - 941
Underlying Operating Loss (349) (614) (69)
Share Based Payments - (11) (13)
Negative Goodwill - - 941
Exceptional (78) - (152)
Items
6
Operating (Loss)/Profit (427) (625) 707
Finance Income 113 100 201
Finance Costs (86) (68) (149)
(Loss)/Profit Before Tax (400) (593) 759
Taxation 100 148 100
(Loss)/Profit for the Period (300) (445) 859
Attributable to:
- Equity Holders of the Parent (300) (445) 859
(Loss)/Earnings per Share
7
- Basic (2.27)p (3.38)p 6.52p
- Diluted (2.27)p (3.38)p 6.51p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to Year to
6 months to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
£000 £000 £000
(Loss)/Profit for the Period (300) (445) 859
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Actuarial Gain on Pension Scheme 435 184 198
Decrease / (Increase) of Restriction of Pension Asset 283 (99) (113)
Other Comprehensive Income 718 85 85
Total Comprehensive Income for the Period 418 (360) 944
CONSOLIDATED BALANCE SHEET
As at As at As at
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
£000 £000 £000
Non-Current Assets
Intangible Assets 3,743 1,955 3,156
Tangible Assets 5,290 4,784 5,083
Right of Use Assets 497 1,131 672
Retirement Benefits 3,484 2,656 2,683
Deferred Tax Assets - 377 -
13,014 10,903 11,594
Current Assets
Inventories 4,894 4,748 4,303
Trade and Other Receivables 5,550 4,380 5,898
Current Tax Receivable 131 41 30
Cash and Cash Equivalents 1,456 1,520 1,202
12,031 10,689 11,433
Total Assets 25,045 21,592 23,027
Current Liabilities
Bank Loan (500) (2,032) (1,949)
Lease Liabilities (173) (293) (214)
Deferred Consideration (550) - (250)
Trade and Other Payables (4,896) (4,624) (4,493)
(6,119) (6,949) (6,906)
Non-Current Liabilities
Bank Loan (2,000) - -
Deferred Consideration (275) - -
Deferred Tax Liabilities (332) - (165)
Lease Liabilities (169) (236) (243)
(2,776) (236) (408)
Total Liabilities (8,895) (7,185) (7,314)
Net Assets 16,150 14,407 15,713
Equity
Share Capital 1,351 1,348 1,348
Investment in Own Shares (324) (324) (324)
Share Premium Account 959 943 943
Share Based Payment Reserve 58 60 62
Merger Reserve 230 230 230
Retained Earnings 13,876 12,150 13,454
Equity Attributable to Shareholders of the Parent 16,150 14,407 15,713
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2024 - 6 months (Unaudited) £000 £000 £000 £000 £000 £000 £000
At 1 October 2023 1,348 (324) 943 62 230 13,454 15,713
Loss for the Period - - - - - (300) (300)
Other Comprehensive Income - - - - - 718 718
Total Comprehensive Income - - - - - 418 418
Proceeds from Issue of Shares 3 - 16 - - - 19
Transfer on Exercise of Share Options - - - (4) - 4 -
Transactions with Owners 3 - 16 (4) - 4 19
At 31 March 2024 1,351 (324) 959 58 230 13,876 16,150
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2023 - 6 months (Unaudited) £000 £000 £000 £000 £000 £000 £000
At 1 October 2022 1,348 (324) 943 49 230 12,510 14,756
Loss for the Period - - - - - (445) (445)
Other Comprehensive Income - - - - - 85 85
Total Comprehensive Income - - - - - (360) (360)
Share Based Payments - - - 11 - - 11
Transactions with Owners - - - 11 - - 11
At 31 March 2023 1,348 (324) 943 60 230 12,150 14,407
Share Capital Investment in Own Shares Share Premium Account Share Based Payment Reserve Merger Retained Earnings Total
Reserve
2023 -Year Audited £000 £000 £000 £000 £000 £000 £000
At 1 October 2022 1,348 (324) 943 49 230 12,510 14,756
Loss for the Period - - - - - 859 859
Other Comprehensive Income - - - - - 85 85
Total Comprehensive Income - - - - - 944 944
Share Based Payments - - - 13 - - 13
Transactions with Owners - - - 13 - - 13
At 30 September 2023 1,348 (324) 943 62 230 13,454 15,713
CONSOLIDATED CASH FLOW STATEMENT
6 months to 6 months to Year to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
£000 £000 £000
(Loss)/Profit Before Tax (400) (593) 759
Finance Costs 86 68 149
Finance Income (113) (100) (201)
Operating (Loss)/Profit (427) (625) 707
Adjustments for:
Amortisation of Intangible Assets 132 65 192
Depreciation of Tangible Assets 269 219 404
Depreciation of Right of Use Assets 79 120 285
Loss on disposal of Tangible Assets - - 4
Negative Goodwill - - (941)
Equity settled Share Based Payments - 11 13
Operating cash flow before movements in 53 (210) 664
working capital
Movements in Working Capital:
(Increase)/Decrease in Inventories (37) (181) 264
Decrease/(Increase) in Trade and Other Receivables 405 715 (775)
Increase/(Decrease) in Trade and Other Payables 249 (458) 87
Cash inflow/(outflow) generated from operations 670 (134) 240
Income Taxes Received - - 45
Net cash inflow/(outflow) from operating activities 670 (134) 285
Purchase of Businesses (525) - (250)
Purchase of Property, Plant & Equipment (223) (141) (196)
Expenditure on Capitalised Development Costs (52) (71) (120)
Net cash outflow in investing activities (800) (212) (566)
New Bank Loan 2,500 - -
Repayment of Bank Loan (1,949) (92) (175)
Principal elements of Lease Liabilities (115) (182) (392)
Interest Paid (71) (59) (149)
Proceeds from Issue of Share Capital 19 - -
Net cash inflow/(outflow) in financing activities 384 (333) (716)
Net Increase/(Decrease) in Cash and Cash Equivalents 254 (679) (997)
Cash and Cash Equivalents at start of the period 1,202 2,199 2,199
Cash and Cash Equivalents at end of the Period 1,456 1,520 1,202
NET DEBT
An analysis of the change in net debt is shown below:
Bank Loan Lease Liabilities Cash and Cash Equivalents Net Debt
£000 £000 £000 £000
At 1 October 2023 1,949 457 (1,202) 1,204
Interest Costs 62 9 - 71
New Bank Loan 2,500 2,500
Repayment of Borrowings/Lease Liabilities (2,011) (124) (2,135)
Other Cash Generated - - (254) (254)
At 31 March 2024 2,500 342 (1,456) 1,386
Notes to the financial statements
Note 1 BASIS OF PREPARATION
These interim financial statements are for the six months ended 31 March 2024.
They do not include all the information required for full annual financial
statements and should be read in conjunction with the consolidated financial
statements of the Group for the year ended 30 September 2023.
These interim financial statements have been prepared in accordance with the
requirements of UK-adopted International Accounting Standards. These financial
statements have been prepared under the historical cost convention with the
exception of certain items which are measured at fair value.
These interim financial statements have been prepared in accordance with the
accounting policies adopted in the last annual financial statements for the
year to 30 September 2023. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation of these
interim financial statements and are expected to be followed throughout the
year ending 30 September 2024.
Note 2 Summary of Significant Accounting Policies
Use of judgements and estimates
In preparing these interim financial statements management is required to make
judgements on the application of the Group's accounting policies and make
estimates about the future. Actual results may differ from these
assumptions. The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were
the same as those described in the consolidated financial statements for the
year ended 30 September 2023.
New standards and interpretation adopted by the Group
There has been no impact of new standards and interpretations adopted in the
period.
NOTE 3 ACQUISTION OF BUSINESS
As announced on 4 January 2024, LPA acquired Red Box International Holdings
Ltd, a UK manufacturer of aviation ground power equipment for £1,100,000. A
fair value exercise has been carried out and intangible asset deemed
intellectual property created worth £667,000 with £167,000 of deferred tax
which will be amortised over 10 years, with no residual goodwill. The
consideration of £1,100,000 will be split into four payments of £275,000,
one paid on completion, one in H2 FY2024, one in 1H FY2025 and the final
payment in 1H FY2026.
NOTE 4 GOING CONCERN
The Group's business activities and the factors likely to affect its future
performance together with the Group's treasury policy, its approach to the
management of financial risk, and its exposure to liquidity and credit risks
are outlined fully in the Annual Report & Accounts 2023 which details
trading, new financing and to a lesser extent supply chain shortages and
inflationary pressures.
Significant rail project delays have been announced recently that could not
have been foreseen and there remain inflationary pressures and some supply
issues re ongoing conflicts. The Directors have assessed these and
sensitised forecasts accordingly.
In assessing going concern the Directors note that the Group: (i) is expected
to return to profitability through the second half of its 2024 financial year
and continue to trade profitably in the near term; (ii) has in place adequate
working capital facilities for its forecast needs; (iii) has a strong current
order book with significant further opportunities in its market place; and
(iv) has proven adaptable in past periods of adversity over many years.
Therefore, the Directors believe that it is well placed to manage its business
risks successfully.
The directors continue to develop its strong working relationship with its
bank that provides for the funding and working capital facilities. Should
there be additional delays in our project-based work then there are actions
available to management to mitigate any cash need. We expect if required the
bank would remain supportive and a suitable agreement would be reached to
provide the Group with sufficient financing. The current loan facility was
refinanced in January 2024 for a further 5 years.
Having assessed all aspects of the business and the likely effectiveness of
mitigating actions that the Directors would consider undertaking or have
undertaken, the going concern basis has been adopted in preparing these
interim financial statements.
In reaching this conclusion, the Directors, after making enquiries, inclusive
but not limited to updated forecasts and expectations, liabilities and risks
and ongoing support from the Group's bank, have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the
foreseeable future.
NOTE 5 Operating Segments
All the Group's operations and activities are based in, and its assets located
in, the United Kingdom. For management purposes the Group comprises three
product groups (in accordance with IFRS 8) - LPA Connection Systems
(electro-mechanical), LPA Lighting Systems (lighting & electronics)
systems and LPA Channel Electric (engineered component distribution), which
collectively design, manufacture and market industrial electrical and
electronic products. They operate across three market segments - Rail;
Aerospace & Defence and Other. It is on this basis that the Board of
Directors assess Group performance. The split is as follows:
6 months to 6 months to Year to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
LPA Connection Systems 4,532 3,204 8,393
LPA Lighting Systems 4,280 4,272 9,249
LPA Channel Electric 2,745 1,655 4,070
Operational Revenue 11,557 9,131 21,712
All revenue originates in the UK. An analysis by market segments and
geographical markets is given below:
6 months to 6 months to Year to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
Rail 69% 73% 75%
Aerospace & Defence 26% 21% 20%
Industrial & Other 5% 6% 5%
100% 100% 100%
United Kingdom 61% 55% 61%
Rest of Europe 26% 29% 26%
Rest of the World 13% 16% 13%
100% 100% 100%
NOTE 6 EXCEPTIONAL ITEMS
The exceptional item of £78,000 relates to non-recurring cost relating to the
acquisition of Red Box International. The exceptional item in the year to 30
September 2023 related to the write-off of obsolete inventory which was no
longer able to be sold as relating to a discontinued product line.
NOTE 7 (Loss) / EARNINGS PER SHARE
The calculations of (loss)/ earnings per share are based upon the
(loss)/profit after tax attributable to ordinary equity shareholders and the
weighted average number of ordinary shares in issue during the period, less
investment in own shares.
Details are as follows:
6 months to 6 months to Year to
31 Mar 24 31 Mar 23 30 Sept 23
Unaudited Unaudited Audited
(Loss)/Profit for the period - £000 (300) (445) 859
Weighted average number of ordinary shares in issue during the period
(million)
13.192 13.183 13,183
Dilutive effect of share options (million) - - 21
Number of shares for diluted earnings per share (million) 13,192 13.183 13,204
Basic (loss)/earnings per share (2.27)p (3.38)p 6.52p
Diluted (loss)/earnings per share (2.27)p (3.38)p 6.51p
Basic and diluted earnings per share are based on the weighted average number
of ordinary shares and share options in issue during the period. For the
period ended 31 March 2023 and 31 March 2024, the basic and diluted loss per
share are equal since where a loss is incurred the effect of outstanding share
options and warrants is considered anti-dilutive and is ignored for the
purpose of the loss per share calculation.
NOTE 8 INFORMATION
LPA Group Plc is the Group's ultimate parent company. It is incorporated in
England and Wales and domiciled in the UK, Company Number 686429. The address
of LPA Group Plc's registered office, which is also its principal place of
business, is Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ,
UK. LPA Group Plc's shares are quoted on the AIM market of the London Stock
Exchange.
LPA Group Plc's consolidated interim financial statements are presented in
Pounds Sterling (£000), which is also the functional currency of the parent
company. These interim financial statements have been approved for issue by
the Board of Directors on 19 June 2024. The financial information set out in
this interim report does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The Group's statutory financial
statements for the year ended 30 September 2023 have been filed with the
Registrar of Companies. The auditor's report on those financial statements was
unmodified and did not contain statements under Section 498(2) or Section
498(3) of the Companies Act 2006.
Copies of this Interim Report are being sent to shareholders who have
requested to receive a hard copy. Shareholders are encouraged to access copies
which are available on the Company's website (www.lpa-group.com
(http://www.lpa-group.com) ). Interim Reports will no longer be published as
the Company continues to focus on the reduction of waste and carbon
footprint. A printout of the Interim Report will also be available by
request from the Company's Registrar, or the Company's registered office,
address as above or by email: investors@lpa-group.com
(mailto:investors@lpa-group.com) .
Shareholders are encouraged to visit our website where useful links and
assistance have been provided including our Registrars to assist utilisation
of digital channels and receipt of future dividends and our Brokers who
provide equity research.
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