Year-End Trading Update

LPA Group plc, the innovation-led engineering specialist in electronic and electro-mechanical components and systems, is pleased to provide a trading update for the year ended 30 September 2023.

Revenues increased to £21.7m, up 11% versus the prior year. Orders increased to £25.7m, up 30% compared to prior year, resulting in a total order book of £31.6m at year end.

As previously reported in the interim results, management anticipated an increase in H2 activity to offset the challenges faced in H1. We delivered strong trading in H2, leading to an underlying position of breakeven for the full year.

The Company also expects there will be a positive exceptional fair value adjustment for the recent product line acquisition undertaken in March, which continues to trade strongly. As a consequence, we expect this to result in a reported Group PBT for the year of approximately £1.1m.

With a strong balance sheet, low gearing and excellent new hires now embedded within the Company, further progress is expected as we move into our new financial year. We therefore confirm the intention of restoring a dividend for the 2023 financial year and beyond.

Paul Curtis, CEO of LPA Group, commented:

"Whilst the last few years have seen the Group face some of the toughest market conditions in its history, we are pleased to now be emerging from this. Although some market challenges still remain, we are confident in our strategy, capabilities and people. This, combined with our strong balance sheet and low gearing, provides us with many opportunities to shape and grow the Group as we move forward. We therefore look forward to the coming years with enthusiasm and optimism."

*All FY23 financials remain subject to audit.

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