Double digit growth at Lo-Q

Lo-Q, an AIM-listed technology solutions provider to the attractions and leisure industry, revealed double digit growth as demand for its systems at entertainment theme parks and water parks soars.

The group, which provides virtual queuing systems provider for theme parks, water parks and attractions, said pre-tax profit surged 16.7% to £3.2m for the period ended November 4th 2012 while revenue climbed 18.7% to £29.1m.

Lo-Q reported a 2.6% like for like, year on year increase in average customer spend on the group's products and a 9% rise in park customers using Lo-Q systems.

The group, which earlier this month secured a deal to install its virtual queuing system at Camelbeach Mountain Waterpark in Pennsylvania, said earnings per share increased 26.2% to 14.6p.

In January Lo-Q confirmed it has been awarded a new three-year contract for queuing systems at Dolly Parton's Splash Country water park, Dollywood.

Chief Executive Tom Burnet said: "The strength of our products and their clear end-market appeal has enabled us to continue to drive sales across all segments, securing not only landmark wins for our newest smartphone based system, but also retaining the trust and confidence of some of our longest-held customers."

"With the transformational acquisition of accesso complete and the technology, operations and sales synergies we expected, are already beginning to prove evident. I have great confidence in the abilities of our expanded team and in our prospects for the months ahead."

In a separate statement, Lo-Q said it has agreed a new banking facility with Lloyds Bank Commercial Bank. The £4.75m debt facility will refinance the £4m convertible loan note issued as part of the group's recent acquisition of accesso.

Net cash rose to £8.9m from £7.5m before.

CJ