London Security sees revenue rise after trio of acquisitions

14th Sep 2018 08:14

(Sharecast News) - Fire protection company London Security on Friday reported a jump in first half revenues after acquisitions and scheduling improvements benefitted the company.For the six months ended 30 June the firm achieved revenue growth of 10% compared to the same period last year, rising to £66.7m, with operating profit consequently increasing by 6.3% to £10.1m.The fully listed company attributed its success to the three acquisitions made over the period for a cost of £1.9m, which included an expansion into the Danish market with Linde.Integration of the acquisitions has been successful, and the firm is targeting further growth through European acquisitions.The London-listed firm had cash and cash equivalents of £29.3m at 30 June, up from £27.5m at the same point last year.Jacque Murray, chairman of London Security, said: "The fire security market is experiencing increased competition and downward pressure on prices. Our strategy is to continue to concentrate on the highest levels of customer service to mitigate this. We do not expect the economic environment to become any easier in 2018. Nonetheless our group remains in a strong position."London Security's shares were unchanged at 2,090.00p at 0815 BST.