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05 Nov 2018 | 08:46

LPA meets expectations as annual sales hit record

LPA said Monday it had met market expectations after annual sales hit a record even as activity was weighed down by CrossRail delays during the final quarter of the year.

LPA also said that it had started the year with a major contract win after LPA Lighting Systems had been awarded a contract to the upgrade the lighting on London's Central and Waterloo & City lines rolling stock.

The contract, valued at over £4m, would begin to benefit the second half of the financial year and after a pause would run through to 2023, with an ongoing through-life support contract to 2043, the company said.

LPA connection systems, meanwhile, was launching a new range of aircraft ground power supply products to reinforce its broader customer base, the company added. While LPA channel had started the year with a record order book. 'After a blockbuster year of record output, despite contract delays, we face the future with a reinvigorated Board and a refreshed team in place. The rail market remains very buoyant, with huge commitments by Government attracting massive inward investment from multinational companies establishing new rail vehicle assembly facilities in the UK,' said Peter Pollock, Chairman. 'Our opportunity is to displace their existing suppliers from the supply chain and to participate fully in this potential bonanza. It will be challenging. We have invested heavily in new capacity, automated stores systems, robotic welding, and process robots to improve productivity and to reduce costs so that we can remain competitive in a challenging environment.'

At 8:46am: (LON:LPA) LPA Group PLC share price was +2p at 108p

Story provided by StockMarketWire.com
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