Business
Preliminary Results
Preliminary Results.
About this update from London Security Plc
[{"type":"text","content":"\n \nRNS Number : 8118D London Security PLC 02 May 2013 \n \n\nLondon Security plc\n \nPreliminary Results\n \n\nFINANCIAL HIGHLIGHTS\nFinancial highlights of the audited results for the year ended 31 December 2012 compared with the year ended 31 December 2011 are as follows: \n· revenue of £94.1 million (2011: £96.3 million);\n· operating profit before depreciation and amortisation of £23.0 million (2011: £24.5 million);\n· operating profit of £19.4 million (2011: £20.8 million); and\n· profit after income tax of £19.0 million (2011: £14.1 million).\n \nTRADING REVIEW\nThe financial highlights illustrate that the Group's revenue decreased by £2.2 million (2.3%) to £94.1 million and operating profit decreased by £1.4 million (6.7%) to £19.4 million. However, these results are distorted by the movement in the Euro to Sterling average exchange rate which has increased from 1.15 to 1.23. If the 2012 results had been translated at 2011 rates, revenue would have been £99.2 million instead of £94.1 million, (increase of 3.0% on prior year).On the same basis operating profit would have been £20.6 million instead of £19.4 million, (decrease of 1.0%). This performance is very satisfactory in this difficult trading environment.\nProfit after tax includes the sale of part the Group's site in Elland, West Yorkshire. The sale realised £7.2 million and the profit on sale was £5.9 million. A new factory and office building was constructed in Elland at a cost of £3.2 million.\nA more detailed review of this year's performance is given in the Operational Review and Financial Review.\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 year under review the Group has entered a new market, Luxembourg, with the acquisition of A.L.P.I. sarl.\nMANAGEMENT AND STAFF\n2012 was a year in which the staff performed well and, on your behalf, I would like to express thanks and appreciation for their contribution.\nFINANCING\nThe Group has benefited from the low level of interest rates and has repaid a further £10.7 million of borrowings.\...