Business
Final Results for the Year Ended 31 December 2022
Final Results for the Year Ended 31 December 2022.
About this update from London Security Plc
[{"type":"text","content":"\n\n19/05/2023\n \nLondon Security plc\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nFinal Results for the Year Ended 31 December 2022\n \nChairman's statement\n J.G. Murray, Chairman\nFinancial highlights\nFinancial highlights of the audited results for the year ended 31 December 2022 compared with the year ended 31 December 2021 are as follows:\n• revenue of £188.9 million (2021: £166.6 million);\n• operating profit of £27.2 million (2021: £27.2 million);\n• profit for the year of £20.2 million (2021: £20.0 million);\n• cash of £34.0 million (2021: £35.7 million);\n• earnings per share for the year of £1.65 (2021: £1.62); and\n• a dividend per share of £0.84 (2021: £0.80).\nTrading review\nThe financial highlights illustrate that the Group's revenue increased by £22.3 million (13.4%) to £188.9 million and operating profit remained at £27.2 million. These results reflect:\n• the effect of input inflation which our companies initially absorbed, but as it became clear that it was a longer term trend we passed on appropriate price increases to our customers;\n• the positive impact of acquisitions in 2022 and the full year's trading of acquisitions in 2021;\n• improved performance from our service business in continental Europe;\n• continued improvement from newer service offerings (e.g. emergency lights and passive fire protection); and\n• the movement in the Euro to Sterling average exchange rate, which had an adverse effect of £1.3 million on reported revenue and £0.2 million on operating profit.\nAcquisitions\nIt remains a principal aim of the Group to grow through acquisition. Acquisitions are being sought throughout Europe and the Group will invest at prices where an adequate return is envisaged by the Board. In the yea...