LPA Group PLC Covid-19 Trading Update (3145I)
01 April 2020 - 5:00PM
UK Regulatory
TIDMLPA
RNS Number : 3145I
LPA Group PLC
01 April 2020
LPA GROUP PLC
("LPA" or the "Group")
Covid-19 Trading Update
LPA Group Plc, t he high reliability LED lighting and
electro-mechanical system manufacturer, reports an update on, and
its response to, the impact of Covid-19.
A number of UK and export customers have temporarily suspended
operations. In response LPA is reducing current production capacity
to match demand, reduce costs, conserve cash and utilise government
initiatives to support the Group.
All three units will remain open. Flexible working has been
introduced to accommodate childcare, and where practical staff are
working from home. Staff segregation and self-isolation precautions
have also been introduced. A significant proportion of the staff
have been furloughed as we move through this period. At each site,
staff and capabilities will be maintained to respond to, and
deliver on, customer requirements.
Output, which had been expected to accelerate through March to
the end of the year, will now be scaled back. However, orders
received have comfortably exceeded sales during the first half, so
the order book has continued to grow and remains at record levels
which provides optimism for the medium term.
Paul Curtis, CEO of LPA Group commented:
"These exceptional circumstances are challenging for all
businesses. We will continue to adapt and will look to work with
all stakeholders to ensure rail and other key transportation
networks remain operable. The impact on the current year remains
subjective as timelines are unknown, but the Group remains robust
and we will continue to battle through and emerge fit and well as
we hope all of our employees can also."
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 07881 626123
Paul Curtis CEO 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)
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.
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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