Sales of subsidiaries boosts London Security profits

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    Date: Thursday 01 May 2008

    LONDON (ShareCast) - Building safety specialist London Security said its evolution away from a fire extinguisher and hose reel company is paying off.

    The company’s profit before tax in 2007 rose to £17.2m from £11.2m in 2006 on revenue that edged up to £66.6m from £64.4m. The profit figure included a £4.2m gain on the disposal of its Swiss subsidiaries to a company owned by the chairman.

    The group said its business in mainland Europe has gone from strength to strength as it develops new service offerings to augment its core fire extinguishers and hose reels services.

    In the UK, profits rose as a result of new contracts and sales initiatives instigated towards the end of 2006.

    The board said it will not be recommending a final dividend in respect of 2007. A first interim dividend for 2008 of 57p was paid on 25 April and a second interim dividend of 73p will be paid on 22 May to shareholders on the register at 30 April.

    In order to finance the 2008 dividends the company has arranged an additional £15m of bank loans.

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