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LPA Group PLC shares fell on Wednesday, after it hit shareholders with a profit warning. Shares in the Essex-based LED lighting and electro-mechanical systems maker were down 9.9% to 68.95 pence each in London on Wednesday afternoon. The company said it has received revised schedules for delivery to customer for three of its rail contracts currently in production. The rail products are for UK and EU end customers. LPA said that the changes are ‘out of the group’s control.’ However, it has lowered its forecasts. For the financial year ending September 30, full year revenue is expected to be £24.7 million, down by around £1.5 million from previous expectations. This would result in full year pretax profit reducing to breakeven. In LPA’s latest financial year, it reported revenue of £21.7 million. Pretax profit came in at £759,000. Looking further ahead, it noted that financial 2025 results will also be impacted, and it will provide revised guidance ‘in due course.’ ‘This change to schedules on contracted orders further reiterates the need to rebalance the business to a more even split between standard products vs bespoke projects, and the growing of our other marketplaces outside of rail,’ said Chef Executive Paul Curtis. ‘We are fully committed to delivering a more robust business and will work through these challenges.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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