LPA Group PLC AGM Trading Update (4778S)
March 17 2021 - 3:00AM
UK Regulatory
TIDMLPA
RNS Number : 4778S
LPA Group PLC
17 March 2021
LPA GROUP PLC
("LPA" or the "Group")
AGM Trading Update
At the AGM of the Group to be held at 12:00 noon today, at the
offices of LPA Connection Systems, Peter Pollock, Chairman, will
make the following statement:
Trading Update
"In my comments accompanying the Preliminary Statement I stated
that, in common with our customers and suppliers, we had been
affected by Covid-19, but were fully prepared for Brexit. The full
impact of these events on our customer base has now become manifest
with very recent rescheduling of work out of the current financial
year into later periods, the extent of which could not have been
foreseen. No business has been lost and our medium and longer term
prospects have been enhanced, but at the expense of the near
term.
We have been victims of our own success in managing the business
successfully through the UK lockdown. Other parts of our customers'
supply chains have not performed so well and, as a consequence, our
customers have production issues caused by lack of supply of parts
needed to run their production lines. Following programme reviews
by customers, further supplies of many of the parts we manufacture
are now not expected to be required for several months.
Approximately GBP2.7m of output will be delayed from the second
half of this financial year into later periods, and strong action
has been taken by management to mitigate the impact. As our
customers' production recovers to normal levels, equilibrium should
be restored and our sales output recover. The medium and longer
term remains very encouraging; no business has been lost.
We continue to have a very strong order book and a strong
balance sheet and expect to remain profitable and cash generative
through the current financial year. We will keep our dividend
policy under review.
Encouragingly, and as previously announced, we have won new
business which extends our technical offering beyond traditional
connection systems and lighting systems to control systems for
passenger seating, evidence of our strategy to expand beyond our
traditional technology and, in due course, markets as well. We
expect to make further comments on our future strategy in the half
year announcement in June. "
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquires: www.lpa-group.com Tel:
------------------------------------ --------------------- --------------
LPA Group Plc
Peter Pollock Chairman 01799 512844
Paul Curtis CEO 01799 512858
Chris Buckenham CFO 01799 512859
Cairn Financial Advisers (Nominated Adviser) 020 7213 0880
James Caithie / Liam Murray
Ludovico Lazzaretti
finnCap (Broker) 020 7220 0500
Ed Frisby / Tim Harper (Corporate
Finance)
Tim Redfern / Charlotte Sutcliffe
(ECM)
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
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