Advertisement

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.

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/commodities/industrial-metals/601401/money-printing-infrastructure-base-metals-copper
Industrial metals

Governments’ money-printing mania bodes well for base metals

Money is being printed like there is no tomorrow. Much of it will be used to pay for infrastructure projects – and that will be good for metals, says …
27 May 2020
Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Visit/investments/funds/601385/in-support-of-active-fund-management
Funds

In support of active fund management

We’re fans of passive investing here at MoneyWeek. But active fund management has its place too, says Merryn Somerset Webb.
25 May 2020