21 March 2019 – AGM trading update
A trading update released to coincide with the company’s Annual General Meeting provided a boost to the share price. There was a slow start to the current financial year with delays to some major rail projects including Crossrail. However, demand is expected to pick up as the year progresses. The company has noted that it now has confidence that the year as a whole will be satisfactory and there will be strong performance in the medium term. Order intake for the first five months of the financial year is at record levels and bidding activity remains high. LPA Channel Electric, the distribution business, is said to be performing particularly well. The shares look undervalued and we keep our LONG TERM BUY rating.