Revenues up at London Security as it eyes further acquisition targets
FIRE protection business London Security saw sales jump by 7.8% to £101.4m last year as it confirmed it was looking to grow through further acquisitions.
In its results for the year to the end of December, the company said it was looking at further deals in Europe and the UK following last year’s acquisition of Austria-based Noris Feuerschutzgerate and London-based GC Fire Protection.
The Elland-headquartered company trades under the brand names Ansul, Nu-Swift, Total, Premier and Master.
Pre-tax profit was down by 21% to £19.8m but the company said this reflected a negative contribution from the new acquisitions in their first year and the “difficult” trading environment.
The company described its market as depressed due to reduced customer confidence and a reluctance to invest. Nonetheless, it remains optimistic about its prospects this year.
It said: “This performance is very satisfactory in this difficult trading environment and reflects the negative contribution from our new subsidiaries in their first year.”
The company added: “Acquisitions are being sought throughout Europe and the group will invest at prices where an adequate return is envisaged by the board. In the year under review the group has consolidated its presence, particularly in Austria and the UK with the acquisition of Noris Feuerschutzgerate and the acquisition of contracts on incorporation of GC Fire Protection.”
The full-year figures have been affected by euro to sterling exchange rate fluctuations, which accounted for £3.2m of the increase in revenue.