London Security blames exchange rates for costing them £8.7m

FIRE protection firm London Security has increased turnover despite being adversely affected by fluctuating exchange rates.

This movement in exchange rate had an adverse effect of £8.7 million on reported turnover according to the company..

The Elland-based business increased revenue slightly, from £101.2m for the year to 31 December 2015 from £100.9m. The company said that if the 2015 results had been translated at 2014 rates, revenue would have been £109.9 m instead of £101.2m.

Pre-tax profits dipped to £18.2m from £19.0m the year before.

London Security acquired DC Security in Belgium as part of its acquisitive strategy, enabling it to enter the intruder alarm market in the country.

The group said its principal aim was still to grow through acquisitions, with opportunities being sought in Europe.

Company chairman Mr Jacques Murray said: “Quantitative easing, lower energy prices and loosening credit conditions are all enhancing the trading environment for our Group. Our strong profitability and sustainable business model mean we are well placed to take advantage of this trend in 2016. For the future, customer care is becoming increasingly important in this ever competitive market. To retain our valued customers we need to strive to serve them at the highest possible level.

The company announced a dividend per share for the year of 68p up from 62p.

French-born British businessman Tony Murray, owner of London Security and father of two of its directors, recently made The Sunday Times Rich List 2016, coming in at the number four spot in Yorkshire with an estimated wealth of £1.05bn.

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