LPA Group PLC
8 March 2001
8 March 2001
LPA GROUP PLC
CHAIRMAN'S ANNUAL GENERAL MEETING STATEMENT
At the Annual General Meeting of LPA Group Plc held today all the resolutions
were passed. The Chairman Michael Rusch commented as follows;
'The chaos on Britain's railways, which has led to substantial delays in the
re-negotiation of the franchises of the Train Operating Companies and the
orders for replacement rolling stock, has had and continues to have a damaging
impact on our businesses.
That said the first quarter was not as bad as we had expected, but the second
quarter will not show the sharp recovery we had hoped for. Overall we do not
expect much progress in the first half.
The existing order book for the second half is strong however and the
longer-term prospects, when the rolling stock orders are placed, are exciting.
Channel and Haswell, one of our recent acquisitions, are both doing well.
Excil, our most recent acquisition is beginning to progress. LPA Industries,
which is very dependent on the rail vehicle market is still struggling though
it too is beginning to show signs of improvement.
While the current situation is frustrating for both management and
shareholders the board believe that the Group is following the right strategy,
which will deliver satisfactory progress and shareholder value in due course.
Enquiries
Peter Pollock Chief Executive 07881 626 123
Ian Dighe Bridgewell Corporate Finance Limited 020 7626 3322
Russell Cook Teather & Greenwood Limited 020 7426 9000