Difficult 2010 for London Security

5th May 2011 16:43

Fire security specialist London Security saw profits edge higher n 2010 even as revenue stayed flat.Profit before tax rose to £18.70m from £18.30m the year before on revenue that eased to £85.50m from £85.97m. The decline in revenue partly reflects the movement in the Sterling to Euro average exchange rate which increased from 1.12 to 1.16. At constant exchange rates, revenue would have risen to £87.9m.Earnings before interest, tax, depreciation and amortisation dipped to £22.68m from £23.17m in 2009.The company is not recommending the payment of a final dividend. "In summary 2010 was a difficult year and trading prospects for 2011 will continue to be challenging but, with the effect of past and potential acquisitions and our multi-service offering, we are in a strong position to face the challenges that will invariably be present. We therefore expect to continue to deliver strong results in the future," said company chairman Jacques Murray.