TIDMLPA
RNS Number : 8314M
LPA Group PLC
26 January 2021
LPA GROUP PLC
LPA Group plc ("LPA" or the "Group"), the high reliability LED
lighting, electronic and electro-mechanical system designer and
manufacturer, announces its Preliminary Results for the year ended
30 September 2020 and confirms the appointment of a new NED and
Chairman elect.
Preliminary Results key points:
KEY POINTS
-- Sales and earnings ahead of FY19 despite impact of Covid-19
-- Sales increased 6.0% to GBP20.7m (2019: GBP19.5m)
-- Order Book increased 5.4% to GBP22.5m (2019: GBP21.3m)
-- Order Entry amounted to GBP21.9m (2019: GBP27.0m)
-- Underlying Operating Profit increased 284% to GBP0.78m (2019: GBP0.20m)
-- Exceptional costs amounted to GBP0.1m (2019: GBP0.4m)
-- Profit before tax amounted to GBP0.55m (2019: loss GBP0.24m)
-- Basic earnings per share amounted to 4.82p (2019: loss 0.43p)
-- Final dividend nil, total for the year nil (2019: 1.10p)
-- Gearing unchanged before adoption of IFRS 16 at 19.6% (2019: 19.6%)
-- Continued investment in automation, productivity, and efficiencies
Peter Pollock - Chairman commented:
"In common with our customers and suppliers, we have been
affected by Covid. However, we follow Government Guidelines
closely, remain open for business, fully utilise the support
available to maintain our business and have been more fortunate
than many. Thus far our team has suffered few Covid cases and no
fatalities and, led by our Executive, has done a great job in
difficult circumstances. Cash has been closely controlled and
gearing remains unchanged. However, under current circumstances we
consider it prudent not to declare a dividend now, but to review
the situation at the half year. Although we were fully prepared for
Brexit, we are delighted that a deal has been done which will
facilitate our continuing success in export markets in the EU and
beyond. The order book has continued to grow, and very large
contract award's including one which enhances our growth in power
electronics and control, have been received during the first
quarter. This together with our strong balance sheet and excellent
Executive team gives us great confidence that with a fair wind we
shall progress during the current year and in the longer term.
I am delighted to report that Robert Bodnar-Horvath, BSC, FCA,
will be joining our board shortly as NED and Chairman elect, to
succeed me when I retire later this year. He has had a long and
distinguished career in engineering, manufacturing, and I am sure
he will lead LPA to great success in the future."
25 January 2021
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The Directors of the
Company take responsibility for 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.
Chairman's Statement
In my Interim Statement in June 2020, I reported that all three
of our sites had remained operational despite the pandemic. I am
pleased to report that, thus far, this remains the case and the
incidence of Covid-19 infections among our staff has remained very
low, with no fatalities. We are following Government guidelines
closely and utilise sources of support as widely as possible, and
we shall continue to do so.
Our customers and suppliers have suffered and continue to suffer
disruption. However, we have a great team, well led by the
Executive and they have responded well to the challenges and
delivered a result in line with expectations and a significant
recovery from last year.
Despite customer delays caused by Covid-19, Sales for the year
increased 6.0% to GBP20.7m (2019: GBP19.5m). Underlying operating
profit increased 284% to GBP0.78m (2019: GBP0.20m). Profit before
tax amounted to GBP0.55m (2019: loss GBP0.24m). Basic earnings per
share amounted to 4.82p (2019: loss per share 0.43p). Gearing
remained unchanged at 19.6%, increased to 21.1% after adoption of
IFRS 16.
Orders entered during the year, like sales, were depressed by
the effects of Covid-19, but amounted to GBP21.9m (2019: GBP27.0m),
however the positive book to bill ratio delivered a 5.4% increase
in the closing Order Book to GBP22.5m (2019: GBP21.3m). A number of
major contracts were delayed and have been awarded to us during the
first quarter of the current year, strengthening the ongoing Orders
Pipeline (contracts we have been awarded without sufficient
delivery information to enable inclusion in the Order Book, or,
which remain subject to contract) and the Order book itself.
Though we were fully prepared for a no deal Brexit, we are
delighted that a deal has been done, which will facilitate our
continuing success in export markets within the EU and beyond.
Dividends
Given the uncertainty due to Covid-19, the Board considered it
prudent to cancel the Final Dividend for the year ended 30
September 2019 and not to declare an Interim Dividend in respect of
the year ended 30 September 2020 (2019: 1.10p). Circumstances
remain extremely uncertain with a further lockdown now in
operation. It must be hoped that the Vaccination programme will
succeed. However, in such circumstances conserving cash resources
to secure the business and to maintain investment in new products
and plant and equipment is paramount. The Board believes in a
progressive dividend policy and will review this again at the 2021
half year .
Corporate Governance
The Group adopted the Quoted Companies Alliance Corporate
Governance Code in 2018 and, unless otherwise stated, adheres to
it. This provides that the Chairman is responsible for oversight,
adoption, and communication of the Group's Corporate Governance
Model.
The Group's Annual Report is considered to be a document of
record and together with the Group's Website www.lpa-group.com,
suitable for recording the Group's statements on compliance with
the Code. Compliance is reviewed every six months and updated as
necessary and appears both in the Annual Report and on the website
www.lpa-group.com .
Section 172
Major shareholders have been represented on the Board for many
years. Thus, the conduct of the board has reflected the long term
goals of delivering shareholder value while maintaining and
enhancing the reputation of the Group. Involved as the Group is, in
long term contracts and exports, good customer relationships have
to be long term, and the maintenance of good relations is dependent
upon the good conduct of the Group's employees.
The Board also considers it helpful to have a statement on the
Group's North Star or Guiding Light. This forms part of our
Corporate Governance, which is available together with other
information on the Group's website www.lpa-group.com . The Guiding
Light, together with our mantra 'Long Life reliability does not
cost the earth' has somewhat pre-empted the new focus on
Environment, Social Responsibility and Governance. These are
factors which have been important to our Corporate Culture for many
years.
During the year, the Group has continued to foster a culture
which is consistent with the Group's objectives, strategy, and
business model, and which recognises the principal risks and
uncertainties facing the Group. The Board has long recognised that
it is in the Company's shareholders' and employees' best interest
that the defined benefit pension scheme should be appropriately
funded, thus a voluntary contribution of GBP100k per year has been
made to the scheme to maintain and grow the surplus and the Board
has agreed to continue the payment for a further three years . The
Board have considered this a prudent approach over the past decade
to mitigate levy and associated costs and risks, whilst striving to
achieve solvency after full provision and fully satisfy the schemes
commitments to cessation.
We continue to be committed to a long term capital investment
programme with enhanced capabilities and investment in the skills
of our workforce. The quality of our facilities, our technology and
the skills of our people we believe to be recognised by our
customers to be exceptional in the UK.
Shareholders and investors
The Board ensures it is always available to its key stakeholders
and works closely with its Brokers to ensure regular and open
dialogue.
Board and Management
Board members' curriculum vitae and relevant experience are set
out on page 32 of the Annual Report and are published on the
Group's website www.lpa-group.com.
Michael Rusch retired from the board in June 2020 after more
than fifty years' service to the Group.
Following the 2020 AGM, Paul Curtis was appointed Chief
Executive Officer (CEO) with effect from 1 April 2020, having
successfully completed a period as Chief Operating Officer (COO)
from October 2018.
Chris Buckenham remains Chief Financial Officer (CFO) and
Company Secretary.
Len Porter remains Senior Non-Executive director and Chair of
the Audit and Remuneration Committees. He will remain a member of
the Audit Committee from 1 April 2021 but will relinquish the
Chair, remaining Chair of the Remuneration Committee.
Gordon Wakeford was appointed Non-Executive Director with effect
from 1 April 2020 and will assume the Chair of the Audit Committee
with effect from 1 April 2021. He is a member of the Remuneration
Committee.
On the appointment of Paul Curtis as CEO, I relinquished my main
executive responsibilities, although I remain chair of the of LPA
Industries Limited Defined Benefit Pension Scheme, an Executive
role.
We confirm the appointment of Robert Bodnar-Horvath, as an
independent Non-Executive Director and Chair elect to succeed me on
my retirement later this year (2021).
Our trading activities continue to be managed independently
through local Executive Teams. John Hesketh remains Managing
Director of LPA Lighting Systems. In March 2020 Jonathan Rowe was
appointed Managing Director of LPA Connection Systems.
Employees
We believe people are the most important asset of any business.
During the year we experienced significant challenges through
project delays and temporary downturns and the impact of Covid-19,
both on business and on the general health and wellbeing of our
employees personally. We invested in external support to assess the
impacts on our employees mental health while working at home, which
we keep under review. We continue to upskill our workforce as we
seek to maintain and increase their competitiveness in world
markets. We do maintain flexibility through use of agency and
temporary contracts, but we have no zero-hour contracts. Covid-19
forced us to closely re-examine again our cost base and
organisation and as a consequence a number of positions were made
redundant. I should like to thank all our employees, past and
present, for their hard work and diligence during this most
challenging of years.
Outlook
It would be an understatement to say that the past year has been
challenging and it is clear that the immediate future is likely to
be similar. However, we are in the fortunate position of having a
strong order book, a strong balance sheet, tightly managed cash
flow and an executive team which has come of age in the most
difficult of circumstances, and delivered. The Company has come
through this difficult period and a massive transition of Board and
Management remarkably unscathed thus far.
Settling Brexit with a trade deal is very good news. We can
continue to do what we do best, satisfying customer requirements at
home and in export markets. Covid-19 has changed the transport
markets we serve, at least temporarily and perhaps permanently.
Happily, we have recognised this, and we are planning for an
uncertain future.
Our essential assets are our people, technology and facilities,
strong balance sheet and, strong medium term order book which gives
us time to adjust to the changed circumstance and the opportunity
to benefit from it. I am optimistic about the future for the
Group.
Peter Pollock
Chairman
25 January 2021
Chief Executive Officer's Review
Trading Results
Despite the worldwide Covid-19 impact to our customer base, and
subsequent delays to projects, sales in the year increased 6.0% to
GBP20.7m (2019: GBP19.5m) with an underlying operating profit of
GBP0.78m (2019: GBP0.20m) and operating profit of GBP0.62m (2019:
loss GBP0.20m). Order entry slowed in the second half, as customers
adjusted to the Covid-19 challenge, finishing at GBP21.9m, (2019:
GBP27.0m which was a record year), resulting in an order book of
GBP22.5m (2019: GBP21.3m).
2020 Summary
-- Order book increased 5.4% at GBP22.5m (2019: GBP21.3m);
-- Satisfactory order entry at GBP21.9m (2019: GBP27.0m);
-- Sales up 6.0% at GBP20.7m (2019: GBP19.5m);
-- Underlying Operating Profit Increased 284% to GBP0.78m (2019: GBP0.20m).
Added Value (a Group KPI) for the year was broadly in line with
expectations at 48.6% (2019: 49.3%). Our drive to automate and gain
efficiencies across all areas of the business continued throughout
the year and was supported by further capital equipment investments
and, at year end, a reduction in our workforce of c11%, partially
addressing project delays from the market but also reflecting new
levels of efficiencies within operations.
Markets
Aviation (aircraft) experienced a significant slowdown in the
year as customers looked to delay or cancel their orders. This
slowed supply chain requirements significantly and it is envisaged
that build rates of our main customers will continue at current
levels for the majority of this year, and that any recovery will
not impact output until next year.
Aviation (infrastructure) has also seen some Covid-19 related
slowdown. However, with many airports taking the opportunity to
catch up on maintenance, combined with increased efforts to improve
our worldwide presence, distribution network and product offering,
the impact has not been as severe as expected and this remains a
key target area for development over the coming years.
Rail continues to be the Group's main segment representing 77%
of sales for the financial year (2019: 69%); aerospace and defence
12% (2019: 16%); other 11% (2019: 15%). Although Covid-19 has
affected project timescales, it is envisaged that worldwide
investment in this sector will remain, with Rail seen as an
essential form of public transport in the new environmentally aware
world that has developed. As such, we continue the drive to expand
our worldwide presence and product offerings in this segment.
Design and Development
The 2020 year saw the launch of our new range of Plane Power
connectors, aimed at the aircraft ground power supply market, with
initial feedback being favourable. Increased efforts are being
focussed in developing this range and associated products with a
view to developing both market share and the number of products
offered to the sector.
Across the Group we continue the development of our existing
product offerings, but are also committed to investigating new
technologies, with the aim of strengthening our position in
existing markets, as well as creating opportunities in new. The
Group has expertise in both electronics and electro-mechanical
engineering. New product developments have and are creating
expertise in both software and power electronics, and the
opportunity to combine and leverage these capabilities in new areas
is a focus the Group will be considering as we move forward.
Efforts in shortening product design cycles are ongoing with a
view to increasing the quantity of releases brought to market in
any given year, a key focus through FY2020. Awareness of how
technology is being used by our customer base and how this can be
integrated into our products is also a major focus and will ensure
our product offering stays current and fit for purpose as market
demands change around the world.
Operations
The agility of the Group saw its stiffest test to date with
re-schedules and delays imposed almost overnight from many of our
customers. Flexing resources, to ensure we maintain the highest
levels of service, whilst meeting these fluctuating demands is a
challenge, but one we are pleased to have come through to date.
The period also saw several changes in key staff with the
addition of a new MD at LPA Connection Systems and the retirement
of the GM at LPA Channel Electric. The addition of a new senior
sales director, as a combined role between LPA Channel Electric and
LPA Connection Systems, plus several other sales and engineering
positions in the period, means we enter the new year with arguably
the strongest team for quite some time.
Through the year there were several areas identified where
vertical integration could enhance Group Added Value. A programme
is now underway to implement the necessary actions for this and it
is envisaged that benefits will start to filter through in late
2021 and continue thereafter.
Outlook
As we look to move forward, we have a strong orderbook, enhanced
resources and capabilities, improved efficiency, and a drive to
develop the Group further. There is no doubt that Covid-19 will
continue to have an impact throughout the coming year, however, we
are confident that medical advances will start to filter through
and, as such, opportunities for our customers and ourselves will
continue.
Paul Curtis
Chief Executive Officer
25 January 2021
Financial Review
Trading Performance
Revenue in the current year increased by GBP1.2m (6.0%) to
GBP20.7m (2019: GBP19.5m) despite continuing delays to rail project
activity, heightened by the impacts of Covid-19. Aviation
(aircraft) activity slowed dramatically through H2 as a direct
consequence of Covid-19, which resulted in order intake for our
distribution business falling and sales reducing. This following a
strong start to the year. Electro-mechanical had a stronger year
and continued to work through its order book, H2 experienced delays
driven by customer Covid-19 lock down closures from April 2020, but
subsequently customers reopened in the UK and worldwide. Aviation
(infrastructure) activity continued through H2 with some
maintenance projects accelerated, a result of reduced flights.
Lighting Systems had another strong year of project wins and
product and market development, which continued into the first
quarter of the 2021 financial year. Lighting Systems continues to
build for the future, whilst current results lag through project
delays as previously announced, combined with a continued shortfall
in routine rail refurbishment activity.
Gross margins increased to 22.7% (2019: 22.3%), despite a 0.7%
reduction in Added Value reflecting the mix of work towards skilled
labour intensive rail projects, offset through cost down activities
and labour efficiencies including automation, specifically at our
Electro-mechanical site.
In the first half of the year sales increased by 6.8% to
GBP10.8m (2019: GBP10.1m), delivering an underlying operating
profit of GBP0.2m (2019: GBP0.2m), up 28.2% on the corresponding
period in 2019. The second half delivered sales of GBP9.9m (2019:
GBP9.4m), up 5.2% on the corresponding period in 2019, down 7.9% on
H1 2020 (2019: down 6.4% H2 vs H1) resulting in an underlying
operating profit for the year of GBP0.78m (2019: GBP0.20m).
Gross profit amounted to GBP4.7m (2019: GBP4.4m). Added Value of
48.6% was achieved (2019: 49.3%), a Group KPI. Other operating
expenses reduced by 5.3% to GBP4.4m (2019: GBP4.7m) - represented
by decreased sales and distribution costs of GBP0.1m, increased
administration and overheads net of exceptional costs of GBP0.1m
and exceptional costs of GBP0.1m (2019: GBP0.4m inclusive of GMP
equalisation recognition). Other operating income of GBP0.3m (2019:
GBP0.1m) includes Covid Job Retention Scheme ("CJRS") grants, which
are not offset against the underlying wage costs during the
furlough leave which they supported through H2. Where furlough
leave was utilised in the year, staff salaries were paid at the
higher of CJRS grants; 80% of salary or statutory rates, whilst
employer pension contributions and benefits in kind were maintained
by the Group at their full rate. The underlying cost base was
reduced following a reorganisation concluded towards year end. The
associated GBP0.1m costs of reorganisation (2019: GBP0.1m) are
detailed within exceptional costs.
Key administration costs and changes comprised pension
administration, governance, and defined benefit scheme funding
unchanged at GBP0.2m (2019: GBP0.2m); loss on disposal of assets
GBP61,000 (2019: GBP2,000 profit); gain on foreign exchange
recognised GBP50,000 (2019: loss GBP13,000) and employment costs
unchanged at GBP1.5m (2019: GBP1.5m) inclusive of GBP36,000 share
based payment costs (2019: GBP3,000). No executive bonuses were
awarded in the year (2019: GBP8,000). Other operating income
increased to GBP0.3m (2019: GBP0.1m), comprising predominantly CJRS
grants.
An operating profit of GBP0.62m (2019: loss GBP0.20m) was
achieved, an improvement of GBP0.82m year on year. After net
finance costs of GBP0.07m (2019: GBP0.04m) a profit before tax of
GBP0.55m was recorded (2019: loss GBP0.24m).
Exceptional costs and Non-Underlying Items
Exceptional costs in the period totalled GBP0.13m (2019:
GBP0.40m). K ey items comprised:
(i) reorganisation costs of GBP0.12m (2019: GBP0.07m) -
associated with ongoing cost base reductions across the Group and
realignment to address the effects of Covid-19 into 2021;
(ii) GBP0.01m dual running directors costs associated with the
ongoing Board transition (2019: Nil).
(iii) 2019: GBP0.33m (2020: Nil) Guaranteed Minimum Pensions
(GMP) equalisation recognition in line with the High Court ruling
in October 2018, requiring all UK companies to remove inequalities
between men and women in scheme benefits that arose under GMP. This
is a historical cost which has been recognised in the current
financial year as a change in basis, whilst going forward all
movements will be recognised through the Consolidated Statement of
Comprehensive Income alongside all other movements in the Defined
Benefit Pension Scheme. Further changes to assumptions relating to
GMP, which are not anticipated to be material, including any that
are derived from the more recent High Court ruling in November 2020
will be recognised in line with other actuarial movements within
the Statement of Consolidated Comprehensive Income.
Finance Costs and Income
Within finance costs, the interest on borrowings increased by
6.9% to GBP0.11m (2019: GBP0.10m), GBP6,000 which was attributable
to the adoption of IFRS 16. The weighted average interest rate
(excluding lease liabilities) reduced from 2.91% to 2.85%, the key
driver being the reduction in UK base rate with an overall
reduction in term borrowing rates of 0.45% on average.
Finance income, which comprises the net interest income on the
pension asset, was GBP41,000, a reduction of 35.9% (2019:
GBP64,000).
Profit/(Loss) before Tax, Taxation and Earnings Per Share
Profit before tax was GBP0.55m (2019 Loss: GBP0.24m) resulting
in a tax recovery of GBP0.04m (2019 recovery: GBP0.19m). The
effective tax rate in the year was 8.0% (2019: -78.0%), with the UK
corporation tax rate of 19.0% (2019: 19.0%). The effective tax rate
is largely the consequence of tax loss utilisation of 2.0% (2019:
4.6%); qualifying R&D expenditure of 14.2% (2019: 32.9%); prior
year R&D expenditure claim increases of 8.9% (2019: 20.7%);
exercised share option recognition nil (2019: 8.2%); and defined
benefit pension contributions 3.5% (2019: 8.0%). The effective tax
rate on the underlying profit was 5.6% (2019: -90.6%). Deferred tax
rates provided increased from 17.5% (2019) to 19.0% following
cancellation of the anticipated reduction in UK Corporation Tax
rates to 17.0%, announced in the March 2020 UK budget.
The profit for the year, after tax, was GBP0.59m (2019 loss:
GBP0.05m) resulting in basic earnings per share of 4.82p (2019:
loss of 0.43p).
Balance Sheet
Shareholders' funds increased by GBP0.23m (1.9%) in the year to
GBP12.55m (2019: GBP12.32m) giving a net asset value per ordinary
share of 99.2p (2019: 97.4p). Net asset value per share (calculated
excluding goodwill and the pension asset net of deferred tax) was
77.5p (2019: 73.6p). Net debt increased GBP0.04m to GBP2.46m (2019:
GBP2.42m), like for like, with gearing (net debt as a % of total
equity) remaining at 19.6% (2019: 19.6%). Inclusive of IFRS 16
leases, net debt increases in total by 9.3%, to GBP2.65m and
gearing 1.5% to 21.1% as the new measure.
Shareholders' funds include Investment in Own Shares (Treasury
Shares) at GBP0.32m including share premium (2019: GBP0.32m),
representing ordinary shares held in the Company by the LPA Group
Plc Employee Benefit Trust (EBT).
I ntangible assets, which comprise goodwill, capitalised
development costs and software purchases, were GBP1.39m (2019:
GBP1.36m). Goodwill relates to the Group's investment in Excil
Electronics and after assessment was unchanged at GBP1.15m.
Capitalised development costs, associated with the development of a
new range of ground power connectors for the aviation
(infrastructure) sector, Plane Power, and electronic and lighting
product developments were GBP0.10m (2019: GBP0.12m), including
purchased and own labour costs capitalised. GBP0.29m of previously
capitalised and fully amortised developments costs were written off
following a review of future revenue opportunities against these
technologies, resulting in no effect on the year's results.
Property, plant and equipment as at 30 September 2020, including
Right of Use assets, which are now separately reported following
adoption of IFRS 16, were GBP7.0m (2019: GBP7.0m), of which
property made up GBP4.2m (2019: GBP4.2m) and plant and equipment
GBP2.8m (2019: GBP2.8m). Additions in the year were GBP0.5m (2019:
GBP0.5m) on a comparable basis to 2019 inclusive of assets held on
finance leases, including assets capitalised under operating leases
following adoption of IFRS 16, GBP0.6m. Disposals in the year
totalled GBP0.6m with a net book value of GBP0.07m (2019: GBP0.04m
with a net book value of GBP1k), including a GBP0.06m loss taken on
disposal of a laser cutting machine. This asset was replaced to
achieve significantly enhanced productivity and capabilities to
deliver a key work stream for the electro-mechanical site. The
depreciation charge increased 6.3% at GBP0.7m (2019: GBP0.7m) .
The IAS19 actuarial surplus recognised at 30 September 2020 on
the Group's closed defined benefit pension arrangement was GBP1.96m
(2019: GBP2.25m). Changes over the course of the year comprised an
income statement credit of GBP0.04m related to interest (2019:
GBP0.06m). Voluntary employer contributions received from the
Company of GBP0.10m (2019: GBP0.10m) plus an actuarial loss of
GBP0.43m (2019: gain GBP0.01m) recognised in the statement of
comprehensive income, benefits paid from the scheme totalled
GBP0.51m (2019: GBP0.51m).
Net trading assets (defined as inventories plus trade and other
receivables, less trade and other payables and current tax) were
17.2% higher at GBP5.3m (2019: GBP4.5m), predominantly because of
increased activity.
Cash Flow
Net cash inflow from operating activities was GBP0.8m (2019:
GBP0.7m) made up of a trading cash inflow of GBP1.5m (2019:
GBP0.9m) an increase in working capital of GBP0.8m (2019 decrease:
GBP0.1m), 2020 including VAT deferral under the UK Government's
Covid assistance program of GBP0.14m; tax refunds of GBP0.13m
(2019: payments GBP0.21m) and defined benefit pension contributions
of GBP0.1m (2019: GBP0.1m).
Capital expenditure on property, plant and equipment reduced to
GBP0.2m (2019: GBP0.4m), net of finance lease funding with two key
assets acquired in the year:
-- a laser cutter at the Electro-mechanical business (GBP0.35m),
replacing an older machine which was disposed of at a loss of
GBP0.06m; and
-- a 3D quality scanner at LPA Lighting Systems, with the
initial cost reduced through a 10% local authority grant receipt
(GBP0.06m), netted against the asset cost.
Capitalised development expenditure amounted to GBP0.1m (2019:
GBP0.1m), including expenditure at LPA Connection Systems to
develop a new range of aircraft ground power support products and
at LPA Lighting Systems, further product developments focussed on
Smart Lighting and electronic technologies.
Capital loan repayments of GBP0.08m were made (2019: GBP2.2m)
which in 2019 included the repayment of term loan and refinance
thereof. Repayments in 2020 were reduced with two quarters
rescheduled within the existing term of the loan as a precautionary
measure, a facility offered by the Group's bank, following the
initial Covid-19 lockdown in the UK. Finance lease repayments were
GBP0.3m (2019: GBP0.2m). Interest payments on borrowings amounted
to GBP0.1m (2019: GBP0.1m), with a further GBP0.006m attributable
to right of use obligations. Dividend payments were GBPnil (2019:
GBP0.36m) whilst the Group's dividend policy was paused, a further
measure to secure cash reserves through the Covid-19
challenges.
During 2019, GBP0.08m (2020: Nil) was loaned to the Group's
Employee Benefit Trust to facilitate the acquisition of LPA Group
plc shares. The transactions associated with the Employee Benefit
Trust are consolidated within these accounts. No share options were
exercised in 2020. In 2019 GBP0.11m was received from the exercise
of share options. Overall, there was a net decrease in the Group's
cash position of GBP0.04m (2019: decrease of GBP0.07m).
Treasury
The Group's treasury policy remained unchanged in the year.
Net Debt
The Group's main bank finance, a bank loan drawn down in 2019 at
GBP2.63m, is repayable over 5 years, including a bullet repayment
in March 2024 (quarterly repayments calculated on 15 year repayment
terms). As at September 2020 the amount outstanding was GBP2.5m
(2019: GBP2.6m). During the year, two quarterly repayments were
rescheduled, by agreement, as a precautionary measure, following
the initial UK Covid-19 lockdown. Interest continued to be paid.
The capital repayments have been rescheduled across the loan's
original term with 14 quarterly repayments now due of GBP0.06m from
October 2020, with the residual balance of GBP1.82m repayable in
March 2024. Interest is payable at base rate plus 2.25%.
All bank covenants are deemed to have been achieved during the
year. In 2019, the debt to service covenant was deemed to have been
breached, despite acceptance confirmed by the bank and subsequent
issue of a formal covenant waiver, following measurement of the
covenant on filing of the 2019 annual reports. This was deemed to
be non-adjusting under IAS 10, and the bank loan was presented as
all falling due within one year at 30 September 2019.
In the year GBP0.36m of new finance lease liabilities were drawn
down to fund plant and equipment additions (2019: GBP0.17m) with
interest charged on finance lease obligations of GBP0.36m (2019:
GBP0.03m) at an average interest rate of 3.9% (2019: 4.0%). In the
year additional lease liabilities, previously designated as
operating leases, were recognised of GBP0.16m, with interest
applied of GBP0.06m at an average rate of 3.3%. Interest on the
GBP1.5m (cap) overdraft facility is payable at base rate plus 2.0%.
The facility was unutilised as at 30 September 2020 and 2019. The
composite interest rate across both borrowings and lease
liabilities, as defined following adoption of IFRS 16, was 2.9%
(2019: borrowings including finance leases 2.9%).
Covid-19
As a result of the Coronavirus pandemic outbreak (Covid-19), the
Group conducted an early assessment on the potential financial and
operational risks. The pandemic impacted from the 29 January 2020
leading to the WHO declaring a global health emergency on 30
January 2020. However, whilst little impacted the UK until 28
February 2020, the Board was monitoring the growing risk when the
stock markets recorded their worst week since the 2008 financial
crisis, following the UK's first confirmed case of Covid-19. The
Group postponed its investor event, due to be held on the 18 March
2020 following its 2020 AGM which was held as scheduled. Following
the AGM, a Board meeting took place where Pandemic scenarios were
considered, and strategy defined.
The Group's Executive met on the 19 March 2020, as scheduled,
where an operational plan was actioned, following which the Board
issued a Group Pandemic Policy, introducing a range of measures
designed to safeguard the employees of the Group, maintain
employment, and ensure safe working could be deployed at all sites.
Actions introduced, included new flexible working with the use of
furlough leave and associated measures, ensuring awareness of
advice, ensuring the Group remained compliant to UK Government
guidelines and in contact with the relevant Government bodies,
including BEISS and the DfT.
Communication protocols were put in place with cross site
application, driven by the Board, deployed through the Site's
Executive structure. On the 20 March 2020 UK schools closed and
lockdown commenced and following the UK Governments message for
workers to stay at home, several customers and suppliers closed for
a period. Weekly pandemic calls were put in place with the Group
Executive, arranged by the Board Executive through to July 2020 to
manage and discuss issues arising and ensure the Group adapted to
rapidly changing circumstances and requirements. While the Pandemic
Policy remains in place, working practices have become the norm and
regular review was no longer required, however, the Board continue
to monitor actions and impacts and the three sites report these as
a key risk to the Group, regular discussion continuing, including
further assessment as Lockdowns continue and the risk
increased.
The Group has seen delays to projects, because of the UK and
worldwide lock downs however to date has been able to adapt to the
changes, utilising the UK Governments CJRS grants, supporting
furlough leave for staff, keeping operations open throughout and
achieving both profitable trading and cash generation in H2 2020.
Consequently, whilst project delays have pushed revenues back and
that remains a feature with Lockdown 3.0 now in place, the Group
has not seen any significant impact from the pandemic outside of a
downturn in the aerospace sector which has a higher impact on our
distribution business. The Group continues to monitor the potential
impact on the supply chain as the pandemic remains and the
unavailability of staff within the Group, its customers or
suppliers remains a key threat. Following enforced changes in
working practices, accelerated automation through the introduction
of new software, systems and working practices and addressing the
short term delays and aerospace downturn, a cost down programme was
driven by the Board across all sites which was concluded by 30
September 2020. This reduced the cost base further with a reduction
of 21 permanent positions, the cost of which is reflected through
exceptional costs in the year. Additionally, several positions have
been redefined to ensure the skills and focus remain relevant to
our markets and demands.
The Group has a duty of care towards all employees, and we
anticipate some absences as our staff are required to self-isolate
or recover where the illness is contracted. Slowdown has been
evident in quarter 1 of the 2021 financial year, with knock on
effects from earlier in the year a feature and the new aggressive
variant of the virus taking hold ahead of the vaccination programme
taking effect. We thank all our employees for their commitment and
support in these unprecedented times.
BREXIT
The Board continued to consider and assess the impacts of Brexit
throughout the year and because the Group is an established
importer and exporter both inside and outside of the EU, determined
that the impact would be negligible, aside from initial transit
delays for goods around 1 January 2021. Ongoing delays and
additional management of imported and exported goods are
anticipated alongside forex fluctuations, providing opportunities
and challenges. The Group anticipated disruption and some
additional costs associated, in particular, logistics, tariffs, and
forex rates. However, the Group views Brexit as an opportunity as
on-shoring has become a focus, also driven by supply issues caused
by Covid-19, and UK content now a clear focus for UK Government and
OEM's. The Group was delighted that a deal was agreed before 1
January 2021 to confirm trading certainty, mitigate tariffs and
minimise disruption.
Chris Buckenham
Chief Financial Officer
25 January 2021
Consolidated Income Statement
For the year ended 30 September 2020
2020 2019
GBP000 GBP000
Continuing operations
Revenue 20,711 19,533
Cost of Sales (16,017) (15,174)
Gross Profit 4,694 4,359
Distribution Costs (1,514) (1,588)
Administrative Expenses (2,897) (3,070)
Other Operating Income 333 97
Underlying Operating Profit 783 204
Share Based Payments (36) (3)
Exceptional Costs (131) (403)
Operating Profit/(Loss) 616 (202)
Finance Income 41 64
Finance Costs (106) (99)
Profit/(Loss) Before Tax 551 (237)
Taxation 44 185
Profit/Loss) for the Year 595 (52)
========= =========
Attributable to:
- Equity Holders of the Parent 595 (52)
Earnings/(Loss) per Share
Basic 4.82p (0.43p)
Diluted 4.65p (0.43p)
========= =========
Consolidated Statement of Comprehensive Income
For the year ended 30 September 2020
2020 2019
GBP000 GBP000
Profit/(Loss) for the Year 595 (52)
------- -------
Other Comprehensive Income/(Expense)
Items that will not be reclassified
to profit or loss:
Actuarial (loss)/gain on pension scheme (427) 10
Deferred tax on actuarial (loss)/gain 28 (7)
Other Comprehensive Income Net of Tax (399) 3
------- -------
Total Comprehensive Income for the Year 196 (49)
======= =======
Attributable to:
- Equity Holders of the Parent 196 (49)
======= =======
Consolidated Balance Sheet
At 30 September 2020
2020 2019
GBP000 GBP000
Non-Current Assets
Intangible Assets 1,386 1,359
Tangible Assets 5,546 7,006
Right of Use Assets 1,438 -
Retirement Benefits 1,964 2,250
10,334 10,615
-------- --------
Current Assets
Inventories 3,968 3,824
Trade and Other Receivables 5,447 4,437
Current Tax Receivable 30 59
Cash and Cash Equivalents 845 889
-------- --------
10,290 9,209
-------- --------
Total Assets 20,624 19,824
-------- --------
Current Liabilities
Bank Loan (188) (2,585)
Lease Liabilities (406) (220)
Trade and Other Payables (4,193) (3,839)
(4,787) (6,644)
-------- --------
Non-Current Liabilities
Bank Loan (2,313) -
Lease Liabilities (584) (504)
Deferred Tax Liabilities (389) (352)
-------- --------
(3,286) (856)
-------- --------
Total Liabilities (8,073) (7,500)
-------- --------
Net Assets 12,551 12,324
======== ========
Equity
Share Capital 1,266 1,266
Investment in Own Shares (324) (324)
Share Premium Account 708 708
Share Based Payment Reserve 118 82
Merger Reserve 230 230
Retained Earnings 10,553 10,362
-------- --------
Equity Attributable to Shareholders
of The Parent 12,551 12,324
======== ========
Consolidated Statement of Changes in Equity
For the year ended 30 September 2020
Share Investment Share Share Based Merger Retained Total
Capital in Own Premium Payment Reserve Earnings
Shares Account Reserve
2020 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2019 1,266 (324) 708 82 230 10,362 12,324
--------- ----------- --------- ------------ --------- ---------- -------
Profit for the Year - - - - - 595 595
Actuarial (Loss) on
Pension Scheme (net
of tax) - - - - - (399) (399)
Total Comprehensive
Income - - - - - 196 196
--------- ----------- --------- ------------ --------- ---------- -------
Share Based Payments - - - 36 - - 36
Tax benefit on Share-Based
Payments - - - - - (5) (5)
Transactions with Owners - - - 36 - (5) 31
--------- ----------- --------- ------------ --------- ---------- -------
At 30 September 2020 1,266 (324) 708 118 230 10,553 12,551
========= =========== ========= ============ ========= ========== =======
Share Investment Share Share Based Merger Retained Total
Capital in Own Premium Payment Reserve Earnings
Shares Account Reserve
2019 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2018 1,238 (214) 628 122 230 10,707 12,711
--------- ----------- --------- ------------ --------- ---------- ---------
Loss for the Year - - - - - (52) (52)
Actuarial gain on
Pension Scheme (net
of tax) - - - - - 3 3
--------- ----------- --------- ------------ --------- ---------- ---------
Total Comprehensive
Income - - - - - (49) (49)
--------- ----------- --------- ------------ --------- ---------- ---------
Dividends - - - - - (357) (357)
Proceeds from Issue
of Shares 28 - 80 - - - 108
Cost of Investment in
Own Shares - (110) - - - - (110)
Share Based Payments - - - 3 - - 3
Transfer on exercise
of Share Options - - - (36) - 36 -
Tax benefit on Share-Based
Payments - - - (7) - 25 18
Transactions with Owners 28 (110) 80 (40) - (296) (338)
--------- ----------- --------- ------------ --------- ---------- ---------
At 30 September 2019 1,266 (324) 708 82 230 10,362 12,324
========= =========== ========= ============ ========= ========== =========
Consolidated Cash Flow Statement
For the year ended 30 September 2020
2020 2019
GBP000 GBP000
Profit/(Loss) Before Tax 551 (237)
Finance Costs 106 99
Finance Income (41) (64)
Operating Profit/(Loss) 616 (202)
Adjustments for:
Amortisation of Intangible Assets 95 48
Depreciation of Tangible Assets 494 693
Depreciation of Right of Use Assets 241 -
Loss/(Profit) on Sale of Property,
Plant and Equipment 61 (2)
Past service cost Liability Recognition
(GMP) - 333
Equity Settled Share Based Payments 36 -
Operating cash flow before movements
in working capital 1,543 870
Movements in Working Capital:
(Increase)/Decrease in Inventories (144) 57
(Increase)/Decrease in Trade and Other
Receivables (902) 1,102
Increase/(Decrease) in Trade and Other
Payables 245 (1,059)
Cash generated from operations 742 970
Income Taxes Received/(Paid) 131 (210)
Defined Benefit Pension Contributions (100) (100)
Net cash inflow from operating activities 773 660
------- --------
Purchase of Property, Plant & Equipment
and Software (172) (399)
Proceeds from Sale of Property, Plant
and Equipment 6 3
Expenditure on Capitalised Development
Costs (100) (124)
Purchase of Own Shares - (110)
Net cash outflow from investing activities (266) (630)
------- --------
Drawdown of Bank Loans - 2,626
Repayment of Bank Loans (84) (2,242)
Principal elements of Finance Leases (367) (201)
Interest Paid (100) (31)
Proceeds from Issue of Share Capital - 108
Dividends Paid - (357)
Net cash outflow from financing activities (551) (97)
------- --------
Net (decrease) in Cash and Cash Equivalents (44) (67)
Cash and Cash Equivalents at Start
of the Year 889 956
------- --------
Cash and Cash Equivalents at End of
The Year 845 889
======= ========
Reconciliation of cash and cash equivalents
Cash and Cash Equivalents in Current
Assets 845 889
Cash and Cash Equivalents at End of
the Year 845 889
======= ========
Net Debt
An analysis of the change in net debt is shown below:
Bank Loans Lease Liabilities Cash and Net Debt
Cash Equivalents
GBP000 GBP000 GBP000 GBP000
At 1 October 2019 2,585 724 (889) 2,420
Adoption of IFRS 16 October
2019 - 157 - 157
New Lease Obligations - 470 - 470
Interest Costs 68 38 - 106
Repayment of Borrowings /
Lease Liabilities (152) (399) 551 -
Other Cash (Generated) - - (507) (507)
At 30 September 2020 2,501 990 (845) 2,646
=========== ================== ================== =========
Bank Loans Lease Liabilities Cash and Net Debt
Cash Equivalents
GBP000 GBP000 GBP000 GBP000
At 1 October 2018 2,170 757 (956) 1,971
New Finance Lease Obligations - 131 - 131
Drawdown of Bank Loan 2,626 - (2,626) -
Interest Costs 69 30 - 99
Repayment of Borrowings /
Lease Liabilities (2,280) (194) 2,474 -
Other Cash Absorbed - - 219 219
At 30 September 2019 2,585 724 (889) 2,420
=========== ================== ================== =========
Notes
1 - Information
In accordance with Section 435 of the Companies Act 2006, the
Group confirms that the financial information for the years ended
30 September 2020 and 2019 are derived from the Group's audited
financial statements and that these are not statutory accounts and,
as such, do not contain all information required to be disclosed in
the financial statements prepared in accordance with International
Accounting Standards in conformity with the requirements of the
Companies Act 2006. The statutory accounts for the year ended 30
September 2019 have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 30 September 2020 have
been audited and approved but have not yet been filed. The Group's
audited financial statements for the year ended 30 September 2020
received an unqualified audit opinion and the auditor's report
contained no statement under section 498(2) or 498(3) of the
Companies Act 2006. The financial information contained within this
full year results statement was approved and authorised for issue
by the Board on 25 January 2021.
The 2020 accounts are expected to be posted to shareholders on
17 February 2021 and will be available from the Company Secretary,
LPA Group Plc, Light & Power House, Shire Hill, Saffron Walden,
CB11 3AQ and on LPA's website
( www.lpa- group.com ), shortly thereafter.
2 Operating Segments
All of the Group's operations and activities are based in, and
its assets located in, the United Kingdom. For management purposes
the Group comprises three product groups (in accordance with IFRS
8) - electro-mechanical, lighting and distribution (which
collectively design, manufacture and market industrial electrical
and electronic products) - less centre costs, which operate across
three market segments - Rail; Aerospace & Defence and Other. It
is on this basis that the board of directors assess Group
performance. The split is as follows:
2020 2019
GBP000 GBP000
Electro-mechanical 9,195 7,516
Lighting & Electronics 7,087 6,921
Distribution 4,429 5,096
Operational Revenue 20,711 19,533
======= =======
3 - Exceptional Costs
2020 2019
GBP000 GBP000
GMP Pension equalisation recognition - 333
Reorganisation Costs 122 70
Dual running Director costs 9 -
------- -------
131 403
======= =========
Reorganisation costs of GBP0.12m (2019: GBP0.07m) relate to a
continued Group wide cost base review. Dual running costs of
GBP9,000 (2019: Nil) relate to a crossover period between the
appointment and retirement of NED's as part of the ongoing board
rejuvenation process to conclude in the 2021 financial year. Dual
running and reorganisation costs are included within note 3,
Employee information.
The Guaranteed Minimum Pensions (GMP) equalisation recognition
of GBP0.33m in 2019 (2020: Nil) is a one off cost recognised
through the Consolidated Income Statement, in line with the High
Court ruling in October 2018, requiring all UK companies to remove
inequalities between men and women in scheme benefits that arose
under GMP. This is a historical cost which has been recognised in
the previous financial year as a change in basis having been
quantified following the High Court ruling.
4 - Taxation
2020 2019
A. Recognised in The Income Statement GBP000 GBP000
Current Tax Expense
UK Corporation Tax (37) (57)
Adjustment in Respect of Prior Years (78) (68)
Deferred Taxation
Net Origination and Reversal of Temporary
Differences 71 (60)
Total Corporation Tax (Credit) (44) (185)
======= =======
2020 2019
B. Reconciliation of Effective Tax Rate GBP000 GBP000
Profit/(Loss) Before Tax 551 (237)
======= =======
Tax at The UK Corporation Tax Rate of
19.0% (2019: 19.0%) 105 (45)
Effects of:
- Retirement Benefits (Defined Benefit
scheme) (27) (31)
- Deduction in Respect of Share Option
Exercises - (31)
- Enhanced Deduction for Qualifying
R&D Expenditure (76) (49)
- Prior Periods Deduction for Qualifying
R&D Expenditure (83) (49)
- Other Prior Periods Adjustments 5 (19)
- Disallowed Expenditure 6 26
- Other Differences 26 13
Total Income Tax (Credit) (44) (185)
======= =======
2020 2019
C. Deferred Tax Recognised in Other Comprehensive GBP000 GBP000
Income
Deferred Tax on Actuarial (Loss)/ Gain
on Pension Scheme (28) 7
======= =======
2020 2019
D. Current and Deferred Tax Recognised GBP000 GBP000
Directly in Equity
Tax Charge/(Benefit) Arising on Share
Options 5 (18)
======= =======
5 - Earnings Per Share
The calculation of earnings per share is based upon the profit
for the year of GBP0.60m (2019: loss GBP0.05m) and the weighted
average number of ordinary shares in issue during the year, less
investment in own shares, of 12.358m (2019: 12.238m).
2020 2019
Earnings Weighted Earnings Earnings Weighted (Loss)
Average Per Average Per
No of Shares Share No of Shares Share
-------------------------- -------------- ---------------- --------- -------------- -------
GBP000 Million Pence GBP000 Million Pence
-------------------------- -------------- ---------------- --------- -------------- -------
Basic Earnings Per
Share 595 12.358 4.82 (52) 12.238 (0.43)
Effect of Share Options - 0.442 (0.17) - - -
Diluted Earnings Per
Share 595 12.800 4.65 (52) 12.238 (0.43)
============== ======= ======= ========= ============== =======
Diluted Earnings Per Share
Basic and diluted earnings per share were equal for the year
ended to 30 September 2019, since where a loss is incurred the
effect of outstanding share options and warrants is considered
anti-dilutive and is ignored for the purpose of the loss per share
calculation.
As at 30 September 2020 there were 1,350,000 outstanding share
options (2019: 975,000), of which 825,000 were exercisable (2019:
825,000).
6 - Accounting Policies
The Group has adopted IFRS 16 "Leases" in the year using the
modified retrospective approach where the initial right of use
asset recognised of GBP0.16m at the date of transition (1 October
2019) was equal to the present value of the future operating lease
payments with no adjustment to comparatives or reserves.
Due to the adoption of IFRS 16, operating profits for the year
have increased by GBP4,000 and interest costs have increased by
GBP6,000. This standard is mandatory for financial periods
beginning on or after 1 January 2019 and, therefore, relevant to
the Group for the first time for the financial year ended 30
September 2020.
7 - Annual General Meeting
The Annual General Meeting ("AGM") is to be held at 12 noon on
Wednesday 17 March 2021 at the offices of LPA Connection Systems,
Light & Power House, Shire Hill, Saffron Walden, CB11 3AQ .
Important Information: Impact of Covid-19 on the 2021 AGM
The AGM is an important event in the Company's corporate
calendar and the Board of Directors (the "Board") appreciates that
it is one of the key ways we communicate with you, our
shareholders. It is an important opportunity for you to express
your views by raising questions and voting, and ordinarily,
attending.
As a Company, the health and wellbeing of our shareholders,
employees and stakeholders remains extremely important to us and we
are closely monitoring the Covid-19 situation. It is currently the
intention of the Company to hold the AGM as planned. However, the
Board notes the UK Government's measures to restrict travel and
public gatherings currently in force. If these measures remain in
place on the date of the AGM, physical attendance in person by
shareholders of the Company will not be possible.
If the Board believes that it becomes necessary or appropriate
to make alternative arrangements for the holding of the AGM due to
Covid-19, the Company will issue an announcement via a Regulatory
News Service by 9am on 16 March 2021 at the latest setting out any
such arrangements. Given the current guidance and the general
uncertainty on what additional and/or alternative measures may be
put in place, shareholders are strongly encouraged not to attend
the AGM and instead appoint a proxy and provide voting instructions
in advance of the AGM, in accordance with the instructions set out
in the notes to the Notice of AGM, which appear later on in this
document. If you are intending to attend the AGM in person, the
Company requires shareholders to provide prior notice using the
email address below as numbers will be restricted and so
appropriate arrangements can be made to maintain social
distancing.
Further updates may be issued by the Company via a Regulatory
News Service and on the Company's website prior to
the AGM - www.lpa-group.com E: investors@lpa-group.com
The Digital Future - shareholder communications and electronic
dividends
Shareholders are encouraged to familiarise themselves with this
announcement which came into effect from the 2020 AGM. Copies are
available at https://www.lpa-group.com/investor-information .
Shareholders requiring a hard copy Form of Proxy should contact
the Company's registrar, Link Group:
shareholderenquiries@linkgroup.co.uk / Tel: 0371 664 0300.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
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