LPA Group PLC AGM Trading Update (5325G)
18 March 2020 - 6:00PM
UK Regulatory
TIDMLPA
RNS Number : 5325G
LPA Group PLC
18 March 2020
LPA GROUP PLC
("LPA" or the "Group")
AGM Trading Update, Covid-19, Dividend & Board Changes
At the AGM of the Group to be held at 12:00 noon today, at the
offices of LPA Lighting Systems, Peter Pollock, Chairman, will make
the following statement:
Trading Update, Covid-19, Dividend
Current trading remains in line with expectations and we have
not, as yet, experienced any undue impact from Covid-19.
However, many of our customers and end markets such as aerospace
and transport are now, or are expected to be in the future,
negatively impacted by Covid-19, either directly or as a result of
problems in the supply chain. Therefore, we do expect our business
to be impacted to some degree in the second half of the year, and
we are planning action to mitigate that impact.
At this stage it is too soon to quantify the extent to which our
financial performance may be impaired, however, given the scale of
the global financial crisis in response to the potential impact of
Covid-19 on economic activity, we feel it is prudent to suspend
payment of the final dividend, conserving cash resource as a
precaution.
Therefore, the resolution to declare the 2019 final dividend
will not be proposed at the AGM to be held on 18 March 2020.
(Resolution 2 is withdrawn).
We would expect to restore payment of a dividend as soon as
confidence returns to the global economy and the outlook for our
business is clear.
Board Changes
Michael Rusch, President, will retire from the board on 19 June
2020 after 55 years of invaluable service to LPA and its forebears.
I should like to record LPA's appreciation for all he has done for
the Group during those years and to wish him a long and happy
retirement.
Gordon Wakeford, formerly Chief Executive Officer of Siemens
Mobility Limited UK, will join the board as a non-executive
director with effect from 1 April 2020. Gordon holds a First Class
Honours Degree in Mechanical Engineering, is a Chartered Engineer
and Fellow of the Chartered Institute of Highways and
Transportation. He is highly experienced, having worked at very
senior levels within Industry and with Government. He is a former
Chairman of the Railway Industry Association and Chair of the Rail
Supply Group. He was a member of the National College for High
Speed Rail Industrial Advisory Board and the CBI Manufacturing
Council. On joining the board, he will become a member of both the
Audit and Remuneration Committees.
Further disclosures on Gordon Wakeford as required under
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for
Companies are included in the appendix below.
Paul Curtis, currently Chief Operating Officer, will become
Chief Executive with effect from 1 April 2020. Jonathan Rowe has
joined the Group as Managing Director of LPA Connection Systems and
will join the Group's executive committee.
Appendix - Appointment of Gordon Lawrence Wakeford
Pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for
Companies, the following information is disclosed in respect of
Gordon Lawrence Wakeford (aged 57):
Current appointments Former appointments in the last
5 years
None Railway Industry Association
--------------------------------
Siemens Mobility Limited
--------------------------------
Siemens Rail Automation Limited
--------------------------------
Zenco Systems Limited
--------------------------------
Gordon Lawrence Wakeford does not hold any shares or options in
the Company.
There is no further information regarding Mr Wakeford required
to be disclosed under the AIM Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquires: www.lpa-group.com Tel:
------------------------------------- --------------------- -------------
LPA Group Plc
Peter Pollock Chairman 01799 512844
Paul Curtis COO 01799 512858
Chris Buckenham CFO 01799 512859
020 7213
Cairn Financial Advisers (Nominated Adviser) 0880
James Caithie / Tony Rawlinson /
Ludovico Lazzaretti
020 7220
finnCap (Broker) 0500
Ed Frisby / Teddy Whiley (Corporate
Finance)
Tim Redfern / Tim Harper (ECM &
Sales)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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