London Security PLC on Wednesday left its final dividend unchanged following a year of considerable growth, but its total payout for the year was higher.
The West Yorkshire, England-based manufacturer of fire protection products said pretax profit increased 17% in 2023 to £31.5 million from £27.0 the previous year, as revenue rose 16% to £219.7 million from £188.9 million.
The final dividend remained unchanged from last year at £0.42 per share. However, an interim dividend paid in December brings the total dividend for the year to £1.24, up 48% from £0.84.
London Security said 2023 benefitted from improved performance in continental Europe, as well as the positive impact of recent acquisitions.
In 2023, London Security bought two security businesses in Belgium alongside various service contracts from smaller businesses to be integrated into the company’s subsidiaries.
Chair Jean-Jacques Murray said: ‘The markets in which we operate are entering what is likely to be a period of low growth albeit with declining inflation from high levels in 2023. The London Security group however has a healthy balance sheet, strong cash reserves and a track record for good cash generation.’
The company currently holds cash reserves of £32.7 million.
London Security shares were down 13% to 2,835.00 pence each in London on Wednesday morning.
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