LPA Group

LPA · AIM · Industrial Goods and Services · mcap £11m · 82.0p

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Financials · LTM to 31 Mar 26

Source: results 01 Jun 26 ↗

Revenue: £25.8m
Operating profit: £252k
Net income: £230k
Free cash flow: −£1.9m
Net debt: £5.5m
Market cap: £11.1m
EV / EBIT: 65.9×
FCF yield: −16.9%
Price / book: 0.7×

Latest half-year · H1 Mar 26 vs H1 Mar 25 results 01 Jun 26 ↗

Revenue: £13.8m
Operating profit: £366k
Net income: £382k
Cash from operations: −£1.8m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 01 Jun 26 · read the announcement ↗

CONSOLIDATED INCOME STATEMENT

	6 months to 31 Mar 26 Unaudited £000	As restated 6 months to 31 Mar 25 Unaudited £000	Year to 30 Sept 25 Audited £000
Revenue - Continuing Operations 4	13,764	9,523	21,546
Cost of Sales	(9,808)	(7,581)	(16,788)
Gross Profit	3,956	1,942	4,758
Distribution Costs	(1,195)	(1,067)	(2,104)
Administrative Expenses - Exceptional	(57)	(49)	62
Administrative Expenses - Other 5	(2,343)	(1,944)	(3,948)
Negative Goodwill	-	640	640
Other Income	5	-	-
Operating Profit / (Loss)	366	(478)	(592)
Negative Goodwill	-	(640)	(640)
Non-recurring items 6	57	49	(62)
Depreciation and Amortisation	615	553	1,244
Adjusted EBITDA	1,038	(516)	(50)
Finance Income	151	123	248
Financing Costs	(135)	(120)	(258)
Profit / (Loss) Before Tax	382	(475)	(602)
Taxation	-	278	253
Profit / (Loss) for the Period	382	(197)	(349)
Attributable to
- Equity Holders of the Parent	382	(197)	(349)
Profit / (Loss) per Share 7
- Basic	2.89p	(1.49)p	(2.64)p
- Diluted	2.70p	(1.49)p	(2.64)p

CONSOLIDATED BALANCE SHEET

	As at 31 Mar 26 Unaudited £000	As at 31 Mar 25 Unaudited £000	As at 30 Sept 25 Audited £000
Non-Current Assets
Intangible Assets	3,802	4,213	3,989
Plant Property and Equipment	4,392	5,094	4,597
Right of Use Assets	434	572	573
Deferred Tax Asset	109	123	109
Retirement Benefits	4,200	3,619	4,061
	12,937	13,621	13,329
Current Assets
Inventories	6,352	6,288	6,362
Trade and Other Receivables	8,320	5,546	6,474
Derivative Asset	6	80	-
Current Tax Receivable	-	34	23
Cash and Cash Equivalents	494	-	-
	15,172	11,948	12,859
Total Assets	28,109	25,569	26,188
Current Liabilities
Bank Loans	-	(105)	(109)
Bank overdraft	-	(1,020)	(806)
Lease Liabilities	(185)	(229)	(222)
Deferred Consideration	-	(275)	-
Derivative Liability	-	-	(70)
Trade and Other Payables	(5,534)	(5,701)	(6,696)
Current Tax Payable	(1)	-	-
	(5,720)	(7,330)	(7,903)
Non-Current Liabilities
Bank Loans	(5,961)	(2,300)	(2,243)
Lease Liabilities	(43)	(149)	(55)
	(6,004)	(2,449)	(2,298)
Total Liabilities	(11,724)	(9,779)	(10,201)
Net Assets	16,385	15,790	15,987
Equity
Share Capital	1,351	1,351	1,351
Investment in Own Shares	(324)	(324)	(324)
Share Premium Account	959	959	959
Share Based Payment Reserve	62	62	62
Merger Reserve	230	230	230
Retained Earnings	14,107	13,512	13,709
Equity Attributable to Shareholders of the Parent	16,385	15,790	15,987

CONSOLIDATED CASH FLOW STATEMENT

	6 months to 31 Mar 26 Unaudited £000	6 months to 31 Mar 25 Unaudited £000	Year to 30 Sept 25 Audited £000
Profit / (Loss) Before Tax	382	(475)	(602)
Financing Costs	135	120	258
Finance Income	(151)	(123)	(248)
Operating Profit / (Loss)	366	(478)	(592)
Adjustments for
Amortisation of Intangible Assets	187	235	450
Depreciation of Plant, Property and Equipment	259	243	447
Depreciation of Right of Use Assets	169	75	347
Profit on Sale of Property	-	-	(262)
Loss on Sale of Plant, Property and Equipment	-	-	25
Negative Goodwill	-	(640)	(640)
Operating Cash Flow Before Movements in Working Capital	981	(565)	(225)
Movements in Working Capital
Decrease / (Increase) in Inventories	10	(107)	(181)
(Increase) / Decrease in Trade and Other Receivables	(1,851)	182	(746)
(Decrease) / Increase in Trade and Other Payables	(929)	(457)	424
Cash Outflow Generated from Operations	(1,789)	(947)	(728)
Income Taxes Received	24	-	-
Net Cash Outflow from Operating Activities	(1,765)	(947)	(728)
Investing Activities
Purchase of Business Net of Cash Acquired	(275)	(351)	(351)
Purchase of Property, Plant & Equipment	(17)	(32)	(74)
Sale Proceeds from Sale of Assets	-	-	375
Expenditure on Intangible Assets	-	(125)	(122)
Expenditure on Capitalised Development Costs	-	(6)	-
Net Cash Outflow from Investing Activities	(292)	(514)	(172)
Financing Activities
Drawdown / (Repayment) of Bank Loan	3,609	(50)	(103)
Principal Elements of Lease Liabilities	(117)	(104)	(260)
Interest Paid	(135)	(120)	(258)
Net Cash Inflow / (Outflow) from Financing Activities	3,357	(274)	(621)
Net Increase / (Decrease) in Cash and Cash Equivalents	1,300	(1,735)	(1,521)
Cash and Cash Equivalents at Start of Period	(806)	715	715
Cash and Cash Equivalents at End of Period	494	(1,020)	(806)
NET DEBT
An analysis of the change in net debt is shown below
Bank Loan Lease Liabilities Cash and Cash Equivalents Net Debt
	£000	£000	£000
At 1 October 2025	277	806	3,435
Interest Costs	7	23	141
New Lease Obligations	68	-	68
New Bank Loan	-	(5,791)	107
Repayment of Borrowings / Lease Liabilities	(124)	2,524	-
Other Cash Generated	-	1,944	1,944
At 31 March 2026	228	(494)	5,695

Final Results, published 30 Jan 26 · read the announcement ↗

Consolidated Income Statement · For the year ended 30 September 2025

	2025 £000	2024 £000
Revenue - Continuing operations	21,546	23,546
Cost of Sales	(16,788)	(18,068)
Gross Profit	4,758	5,478
Distribution Costs	(2,104)	(2,424)
Administrative Expenses	(3,948)	(3,304)
Administrative Expenses-Exceptional Items	62	(376)
Negative Goodwill	640	-
Operating Loss	(592)	(626)
Share Based Payments	-	4
Negative Goodwill	(640)	-
Non-recurring Items	(62)	376
Depreciation and Amortisation	1,244	1,086
Adjusted EBITDA	(50)	840
Finance Income	248	225
Finance Costs	(258)	(192)
Loss Before Tax	(602)	(593)
Taxation	253	268
Loss for the Year	(349)	(325)
Attributable to
- Equity Holders of the Parent	(349)	(325)
Loss per Share
Basic	(2.64)p	(2.46)p
Diluted	(2.64)p	(2.46)p

Consolidated Balance Sheet · At 30 September 2025

	£000	£000
Non-Current Assets
Intangible Assets	3,989	4,317
Plant, property and equipment	4,597	5,018
Right of Use Assets	573	518
Retirement Benefits	4,061	3,782
Deferred Tax Asset	109	-
	13,329	13,635
Current Assets
Inventories	6,362	5,749
Trade and Other Receivables	6,474	5,389
Current Tax Receivable	23	34
Derivative Asset	-	80
Cash and Cash Equivalents	-	715
	12,859	11,967
Total Assets	26,188	25,602
Current Liabilities
Bank Loan	(109)	(96)
Bank Overdraft	(806)	-
Lease Liabilities	(222)	(203)
Derivative Liability	(70)	-
Trade and Other Payables	(6,696)	(6,110)
	(7,903)	(6,409)
Non-Current Liabilities
Bank Loan	(2,243)	(2,359)
Trade and Other Payables	-	(275)
Deferred Tax Liabilities	-	(155)
Lease Liabilities	(55)	(175)
	(2,298)	(2,964)
Total Liabilities	(10,201)	(9,373)
Net Assets	15,987	16,229
Equity
Share Capital	1,351	1,351
Investment in Own Shares	(324)	(324)
Share Premium Account	959	959
Share Based Payment Reserve	62	62
Merger Reserve	230	230
Retained Earnings	13,709	13,951
Equity Attributable to Shareholders of The Parent	15,987	16,229

Consolidated Cash Flow Statement · For the year ended 30 September 2025

	2025 £000	2024 £000
Loss Before Tax	(602)	(593)
Finance Costs	258	192
Finance Income	(248)	(225)
Operating Loss	(592)	(626)
Adjustments for
Amortisation of Intangible Assets	450	346
Depreciation of Plant, property and equipment	447	547
Depreciation of Right of Use Assets	347	193
Profit on Sale of Property	(262)	-
Loss on Sale of Plant and Equipment	25	80
Negative Goodwill	(640)	-
Equity Settled Share Based Payments	-	4
Operating cash (outflow) /inflow before movements in working capital	(225)	544
Movements in Working Capital
(Increase) in Inventories	(181)	(986)
(Increase)/Decrease in Trade and Other Receivables	(746)	511
Increase in Trade and Other Payables	424	1,138
Cash (loss)/generated from operations	(728)	1,207
Income Taxes Received	-	47
Net cash (outflow)/inflow from operating activities	(728)	1,254
Investing activities
Purchase of Product Line	-	(250)
Purchase of Business Net of Cash Acquired (Note	(351)	(503)
Purchase of Property, Plant & Equipment	(74)	(218)
Sale Proceeds from Sale of Assets	375	-
Expenditure on Intangible Assets	(122)	(615)
Expenditure on Capitalised Development Costs	-	(63)
Net cash outflow from investing activities	(172)	(1,649)
Financing activities
Repayment of Bank Loan	(103)	(2,046)
New Bank Loan	-	2,500
Principal Elements of Lease Liabilities	(260)	(241)
Interest Paid	(258)	(192)
Dividend Paid	-	(132)
Proceeds from Issue of Share Capital	-	19
Net cash outflow from financing activities	(621)	(92)
Net Decrease in Cash and Cash Equivalents	(1,521)	(487)
Cash and Cash Equivalents at Start of the Year	715	1,202
Cash and Cash Equivalents at End of the Year	(806)	715
Consolidated Cash Flow Statement (continued)
For the year ended 30 September 2025
Net Debt
An analysis of the change in net debt is shown below
Bank Loan Lease Liabilities Cash and Cash Equivalents Net Debt
	£000	£000
At 1 October 2024	(715)	2,118
New Bank loan / Lease Obligations	-	55
Acquired leases	-	104
Interest Costs	-	258
Repayment of Borrowings/Lease Liabilities	621	-
Other Cash Used	900	900
At 30 September 2025	806	3,435
Bank Loan Lease Liabilities Cash and Cash Equivalents Net Debt
	£000	£000
At 1 October 2023	(1,202)	1,204
New Bank loan / Lease Obligations	-	2,662
Acquired borrowings / (cash)	(47)	5
Interest Costs	-	192
Repayment of Borrowings/Lease Liabilities	2,479	-
Other Cash Generated	(1,945)	(1,945)
At 30 September 2024	(715)	2,118
Notes
1. Information
2. Operating Segments
	2025	2024
	£000	£000
Electro- mechanical	8,141	8,620
Value add distribution	5,293	5,800
Lighting and electronics	8,112	9,126
	21,546	23,546
	2025	2024
	£000	£000
Revenue Recognised Over Time	403	86
Revenue Recognised at a Point in Time	21,143	23,460
	21,546	23,546
	2025	2024
Rail	66%	69%
Aviation, Aerospace and Defence	28%	25%
Other	6%	6%
	100%	100%
	2025	2024
	£000	£000
United Kingdom	11,342	13,843
Rest of Europe	7,581	6,390
Rest of World	2,623	3,313
	21,546	23,546
3. Operating Loss
	2025	2024
Non-recurring Items	£000	£000
Profit on sale of property	262	-

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 01 Jun 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	25.8	21.5	23.5
Gross profit	6.8	4.8	5.5
Adjusted EBITDA	1.5	(0.1)	0.8
Exceptional / adjusting items	0.1	0.1	(0.4)
Operating profit	0.3	(0.6)	(0.6)
Depreciation (owned assets)	0.5	0.4	0.5
Depreciation (right-of-use)	0.4	0.3	0.2
Amortisation	0.4	0.5	0.3
Share-based payments	–	0.0	0.0
Operating profit to net income
Finance costs	(0.3)	(0.3)	0.2
Profit before tax	0.3	(0.6)	(0.6)
Tax	(0.0)	0.3	0.3
Net income (owners)	0.2	(0.3)	(0.3)
Per share
EPS basic	1.7p	(2.6p)	(2.5p)
EPS diluted	1.6p	(2.6p)	(2.5p)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	13.8	+45%	12.0	9.5
Gross profit	4.0	+104%	2.8	1.9
Adjusted EBITDA	1.0	n/m	0.5	(0.5)
Exceptional / adjusting items	(0.1)	n/m	0.1	(0.0)
Operating profit	0.4	n/m	(0.1)	(0.5)
Depreciation (owned assets)	0.3	+7%	0.2	0.2
Depreciation (right-of-use)	0.2	n/m	0.3	0.1
Amortisation	0.2	−20%	0.2	0.2
Operating profit to net income
Finance costs	(0.1)	+12%	(0.1)	(0.1)
Profit before tax	0.4	n/m	(0.1)	(0.5)
Tax	0.0	n/m	(0.0)	0.3
Net income (owners)	0.4	n/m	(0.2)	(0.2)
Per share
EPS basic	2.9p	–	(1.2p)	(1.5p)
EPS diluted	2.7p	–	(1.2p)	(1.5p)

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	(1.5)	(0.7)	1.3
Interest paid	(0.3)	(0.3)	(0.2)
Investing activities
Capex (PP&E)	(0.1)	(0.1)	(0.2)
Capex (intangibles)	0.0	(0.1)	(0.6)
Financing activities
Lease principal paid	(0.3)	(0.3)	(0.2)
Dividends paid	–	0.0	(0.1)
Shares issued	–	0.0	0.0

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	(1.8)	n/m	0.2	(0.9)
Interest paid	(0.1)	+12%	(0.1)	(0.1)
Investing activities
Capex (PP&E)	(0.0)	n/m	(0.0)	(0.0)
Capex (intangibles)	0.0	n/m	0.0	(0.1)
Financing activities
Lease principal paid	(0.1)	+12%	(0.2)	(0.1)

	Latest Mar 26	FY Sep 25	FY Sep 24
Non-current assets
Goodwill	–	4.0	4.3
Other intangibles	3.8	4.0	–
Property, plant & equipment	4.4	4.6	5.0
Non-current assets	–	13.3	13.6
Current assets
Inventories	6.4	6.4	5.7
Trade receivables	8.3	6.5	5.4
Cash	0.5	0.0	0.7
Current assets	–	12.9	12.0
Total assets	28.1	26.2	25.6
Current liabilities
Trade payables	5.5	6.7	6.1
Borrowings, current	0.0	0.1	0.1
Lease liabilities, current	0.2	0.2	0.2
Current liabilities	–	7.9	6.4
Non-current liabilities
Borrowings, non-current	6.0	2.2	2.4
Lease liabilities, non-current	0.0	0.1	0.2
Deferred consideration	0.0	0.0	–
Pension surplus / (deficit)	–	4.1	3.8
Non-current liabilities	–	2.3	3.0
Total liabilities	11.7	10.2	9.4
Equity
Total equity	16.4	16.0	16.2
Net cash and other figures
Order book	29.3	32.5	25.3

	H1 Mar 26	H2 Sep 25	H1 Mar 25	H2 Sep 24
Non-current assets
Goodwill	–	4.0	–	4.3
Other intangibles	3.8	4.0	4.2	–
Property, plant & equipment	4.4	4.6	5.1	5.0
Non-current assets	–	13.3	–	13.6
Current assets
Inventories	6.4	6.4	6.3	5.7
Trade receivables	8.3	6.5	5.5	5.4
Cash	0.5	0.0	0.0	0.7
Current assets	–	12.9	–	12.0
Total assets	28.1	26.2	25.6	25.6
Current liabilities
Trade payables	5.5	6.7	5.7	6.1
Borrowings, current	0.0	0.1	0.1	0.1
Lease liabilities, current	0.2	0.2	0.2	0.2
Current liabilities	–	7.9	–	6.4
Non-current liabilities
Borrowings, non-current	6.0	2.2	2.3	2.4
Lease liabilities, non-current	0.0	0.1	0.1	0.2
Deferred consideration	0.0	0.0	0.3	–
Pension surplus / (deficit)	–	4.1	–	3.8
Non-current liabilities	–	2.3	–	3.0
Total liabilities	11.7	10.2	9.8	9.4
Equity
Total equity	16.4	16.0	15.8	16.2
Net cash and other figures
Order book	29.3	32.5	32.8	25.3

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.