LPA GROUP PLC – RESULT OF AGM
AGM Statement and trading update
Result of Annual General Meeting
AGM Statement and trading update
Result of Annual General Meeting
AGM Statement and trading update
Result of Annual General Meeting
Result of Annual General Meeting
AGM Statement and trading update
Result of Annual General Meeting
AGM Statement and trading update
Result of Annual General Meeting
AGM Statement, contract awards and trading update
AGM Statement and trading update
AGM Statement and trading update
LPA GROUP PLC | ||||||||
LPA Group plc (“LPA” or the “Company”) is an AIM-quoted manufacturer and distributor of lighting, power and electronic systems.
At today’s Annual General Meeting, all resolutions were duly passed.
Michael Rusch, Chairman, made the following comments on current trading:
“I said then that the first half of the 2010 financial year would be disproportionately affected. The actual effect over the first five months of this financial year is that output is £1.5m behind the budget set in September 2009.
“However, the worst would appear to be behind us in that output recovered during February of this year to almost normal levels and the load for March and the rest of the financial year is at substantially higher levels than February.
“I am pleased to report that orders taken during the first five months of this financial year have exceeded budget by £1.5m, increasing our order book by £1.1m to £17.9m as at February 2010.
“Routine orders for standard products have generally remained buoyant, although Defence and Aerospace business has been slow. As previously reported, however, sub-contract work remains depressed.
“New orders in this period included £1.2m of the long anticipated contracts for Inter-car Jumpers and Lighting for the additional Pendolino Cars and Trains for the West Coast Mainline, which will total almost £2m. This represents an important reference with Alstom in Italy, where the Pendolinos will be built. Further enquiries for lighting, including our LED products, have already been forthcoming.
“Progress has been made in developing LED Lighting markets outside the rail industry, but these developments remain at an early stage.
“To what extent the damage caused by the rescheduling of contract deliveries from the first half of the 2010 financial year can be mitigated in the second half for the year as a whole still remains unclear, however, we remain confident that progress will be made from this low point in recent performance.
“I will report further on this with the half-yearly report for the six months ending 31 March 2010, which the Company will announce in June 2010.”
4 March 2010
ENQUIRIES:
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AGM Statement and trading update
LPA Group plc | ||||||||
LPA Group PLC is an AIM-quoted manufacturer and distributor of lighting, power and electronic systems. At today’s Annual General Meeting (“A.G.M.”), all resolutions were duly passed. Michael Rusch, Chairman made the following comments on current trading:
“In the Annual Report I stated that given the global financial crisis, unsurprisingly, the current year had started quietly. However, while we have detected a slow down in routine orders compared with previous years, our success in winning projects is running at an all time high.
“Our LED lighting products, which give up to 15 years’ maintenance free service and save up to 45% energy compared with fluorescent, have been well received in the market and the pace of new enquiries and orders is increasing.
“We are also awaiting imminent decisions on other important rail related projects which, if favourable, will add significantly to our already record high order book.
“Delivery of major rail projects will commence during the rest of this calendar year, increase in tempo thereafter and will continue to run for at least three years.
“We have reviewed our outsourcing contracts and where practical we are bringing these activities in-house, which should help our sheet metal facility in particular.
“We have had a team in Australia within the last week discussing technical points on the products which are the subject of the Letter of Intent for the £4.7m LED Lighting contract and we hope to be able to make a further announcement in respect of this soon.
“The weakness of Sterling is assisting us in our export effort which is evident in some of the contracts already won.
“Our working capital remains under strict control and our bank facilities remain comfortable.
“It would be foolhardy in the present downturn to say that we look forward to the future with confidence, but our own particular position is favourable.”
MICHAEL RUSCH Chairman 20 March 2009
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AGM Trading update
LPA GROUP PLC | ||||||
LPA Group PLC is an AIM-quoted manufacturer and distributor of lighting, power and electronics systems. At today’s Annual General Meeting (“A.G.M.”), Michael Rusch, Chairman made the following comments on current trading:
“In the Annual Report I stated that whilst the current year had started strongly, the second quarter would be weaker and, therefore, progress in the year would be limited. However, I am pleased to report that, so far, trading is robust.
“Routine orders are currently significantly ahead of the same period last year and cash flow has been particularly strong. Projects for which we have either been selected, are well placed, or for which we are awaiting adjudication, are at very high levels.
“2008 is the 100th anniversary of the founding of Light and Power Accessories by Ernest Joseph Lott. I hope to be able to mark this event in a tangible way and to give a positive update with the interim figures due in June.
“Whilst we expect the remainder of the year to be challenging, I am encouraged by prospects for our rail business in particular, and I am hopeful that we will have major orders to announce during the current year.”
11 March 2008
ENQUIRIES
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Result of AGM
LPA Group Plc | ||||||
LPA Group PLC is an AIM-quoted manufacturer and distributor of lighting, power and electronics systems.
At today’s Annual General Meeting of the LPA Group Plc all the resolutions put to the meeting were duly passed.
11 March 2008
ENQUIRIES
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Trading update and AGM results
LPA Group Plc (or ‘the Company’) | ||||
26 February 2007
LPA Group PLC
Trading update and AGM results
LPA Group PLC, a manufacturer and distributor of lighting, power and electronics systems, announces a return to profits in the second half of the year to 30 September 2006 and strong start to the new financial year.
At today’s Annual General Meeting of LPA Group PLC, Michael Rusch, Chairman made the following comments: ‘I am pleased to confirm that the strong start the Group has made this year has continued and we are substantially ahead of last year and indeed of our own expectations for the current year to date.
‘While every unit across the Group has contributed to the progress thus far, LPA Haswell Engineers is enjoying strong current trading and in principle has agreed a two-year supply agreement with one of its larger customers worth approximately £3.0m, which should underpin its medium term future.
‘LPA Excil Electronics has received very important initial orders from French Railways and is tendering for several millions Euros of further orders for delivery over the coming years. ‘LPA Niphan will complete delivery of its first contract from Taiwan during March and is well placed to secure more orders from this new market. LPA-Channel Electric is progressing steadily.
‘Your board is united in its determination not to be distracted from its task of delivering progress in the current year despite the efforts of some shareholders to undermine the much improved performance.
‘The cost of protecting shareholders from unknowingly tendering their shares to Mr Perloff at an unacceptably low price has added about £50,000 of additional professional advisor’s costs in the year so far.
‘Your board looks towards a positive future. We know there are still issues to address and we are committed to that purpose. We look forward with confidence to steady progress.’
At the AGM today all the resolutions were passed, with the exception of resolutions 6 (to authorise the directors to allot shares for cash) and 7 (to authorise the company to make market purchases of its own shares) which did not secure the requisite 75% majority.
26 February 2007
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