LPA Group PLC shares rose on Tuesday, after it announced plans to restore its dividend as revenue jumped in its recent financial year.

Shares in the Essex-based LED lighting and electro-mechanical systems maker were up 5.3% to 79.00 pence each in London on Tuesday around midday.

In a trading update for the financial year ended September 30, LPA reported that revenue increased 11% annually to £21.7 million.

Orders increased to £25.7 million, up 30% compared to the prior year, resulting in a total order book of £31.6 million at the year-end.

When LPA announced its interim results, it said it expected an increase in activity in the second half, to offset the challenges faced in the first half.

On Tuesday, it said it delivered ‘strong trading’ in the second half, leading to an underlying position of breakeven for the full year.

‘With a strong balance sheet, low gearing and excellent new hires now embedded within the company, further progress is expected as we move into our new financial year,’ the company added.

Based on this, LPA plans to restore its dividend for financial 2023 ‘and beyond.’

Chief Executive Paul Curtis said: ‘Whilst the last few years have seen the group face some of the toughest market conditions in its history, we are pleased to now be emerging from this. Although some market challenges still remain, we are confident in our strategy, capabilities and people. This, combined with our strong balance sheet and low gearing, provides us with many opportunities to shape and grow the group as we move forward.’

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