Gold prices tick higher on fresh U.S. tariff threats, Fed rate cut hopes
LONDON - London Security PLC, a provider of fire protection services, announced its financial results for the year ended December 31, 2024. The company reported a modest revenue increase to £220.7 million, up from £219.7 million in 2023. However, operating profit and profit for the year showed a decline, with operating profit falling to £29.7 million from £31.6 million the previous year, and profit for the year down to £21.7 million from £23.3 million.
The results were influenced by currency exchange rates, particularly the Euro to Sterling average exchange rate, which negatively impacted reported revenue by £4.6 million and operating profit by £0.8 million. Despite the decrease in operating profit compared to 2023, this still marks a 9.2% increase over 2022.
The company’s core servicing business remained stable, although special projects, which are less predictable, experienced a slight decline. The company also noted ongoing inflationary pressures, which have led to increased supply prices that have been partially passed on to customers. Business confidence is currently low, affecting growth and investment across the regions where London Security operates.
In line with its growth strategy, London Security completed acquisitions of service contracts from smaller businesses, expanding its presence in Austria, the Netherlands, the UK, Belgium, Luxembourg, France, and Germany.
The Board proposed a final dividend of £0.42 per ordinary share, to be paid on July 12, 2025, to shareholders on the register by June 13, 2025. This follows an interim dividend of £0.80 per share paid on November 29, 2024.
Looking ahead, the company anticipates a period of low growth in the markets it serves but remains confident in its financial stability, strong cash reserves, and proven cash generation capabilities. It plans to continue pursuing acquisitions as part of its growth strategy.
The Annual General Meeting is scheduled for June 25, 2025, at the company’s headquarters in Elland, West Yorkshire.
The information presented in this article is based on a press release statement from London Security PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.