Lo-Q, the AIM-listed provider of virtual queuing systems for theme parks and major attractions, has seen strong year-on-year growth and now expects results for the period to be marginally ahead of its prior expectations.
During the financial year ended 31 October the firm saw a rise in revenue, profit before tax and cash.
In a statement the company said that it has continued to make good strategic progress during the year, both financially and operationally.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The financial year has seen a 17% year-on-year increase in average guest spend on our products. We have also experienced a 9% increase this year in the number of park attendees choosing to use our system, against the backdrop of a 3% decline in like-for-like park attendances," the firm said.
As announced post period-end, the company has signed a twelve-week pilot for its innovative smartphone based solution with the EDF London Eye.
The trial is the first of its kind in the UK, and the firm beleives it represents an important technological advancement for the company as well as an exciting first step towards extending Lo-Q's offering outside of its core theme park base and into the promising 'single line' attraction vertical.
Chief executive officer Tom Burnet said: "We have worked hard to deliver new products, target new markets, invest in our people and these investments are starting to deliver real and encouraging returns.
"Of course, there is more work to do to make sure that we maintain this good momentum. Nevertheless, the board and I believe that this strong full year performance, coupled with a buoyant new business pipeline puts us in a strong position to continue to deliver growth in the months ahead."
The share price rose 5.07% to 186.5p by 13:33.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
