LPA Group plc
LPA Group plc is an AIM-listed (London Stock Exchange) innovation-led engineering and manufacturing specialist in electronic and electro-mechanical systems and solutions, operating in rail, aviation, aerospace and defence, infrastructure and industrial markets. The Group designs, manufactures and distributes products such as connectors, power supplies, rail rolling-stock lighting/electronics and ground power equipment across four UK sites (Saffron Walden, Normanton, Newbury, Knapwell). In FY25 the Group reorganised from a divisional structure into a unified 'One-LPA' company and acquired the Martek power converter business from Eaton Electrical Products.
FY2025 in sixty seconds
year to 30 Sept 2025 · approved 29 Jan 2026 · 112 pages · Companies House
LPA Group plc designs and makes electronic and electro-mechanical equipment, such as connectors, lighting and power supplies, mainly for rail and aerospace. In the year to 30 September 2025 its revenue fell to £21.5m from £23.5m, and its loss before tax was £602k, against £593k the year before.
The report blames delayed rail projects, slower funding decisions while UK rail is reorganised, and a slowdown at a key aircraft-wing customer during a change of ownership. Higher labour costs squeezed margins. The loss would have been larger without one-off gains: £0.6m from buying the Martek business for less than its assets were worth, and a gain on selling a property. New orders grew, and the order book rose to £32.5m from £25.3m.
Borrowings rose to £3.2m, and day-to-day operations used cash rather than producing it. No money was raised from shareholders and no dividend was paid. In January 2026 the company refinanced with £8.75m of debt facilities. Management says the business was profitable in the first quarter of the new year and expects a return to profit in 2026. The auditor gave a clean opinion with no going-concern doubt.
Rail rolling stock and infrastructure projects (inter-car jumpers, connection boxes, lighting/electronics)
Rail represented 66% of 2025 revenue (2024: 69%)
page 59Product mix shift
Added value margin reduced 0.8pp to 48.7% (2024: 49.5%) as a result of product mix
page 13Chairman: start of new financial year is encouragingly on track and demonstrating good profitability; for the first time in over four fiscal years the business has been profitable for the first quarter
page 2No dividend proposed for 2025 (2024: Nil interim/final). Chairman states the Group is 'planning to restore our dividend in the near future'
page 411 years on one page · FY2015–FY2025
| Line | FY2015locked | FY2016locked | FY2017locked | FY2018locked | FY2019locked | FY2020locked | FY2021locked | FY2022locked | FY202309/23 | FY202409/24 | FY202509/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Operating profit | |||||||||||
| Profit for the year | |||||||||||
| Basic EPS | |||||||||||
| Dividend per share | — | ||||||||||
| Free cash flow | |||||||||||
| Net debt (negative = net cash) | |||||||||||
| Shares in issue | |||||||||||
| Operating margin | |||||||||||
| Return on capital employed |
GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
7 figures restated in a later report
Every figure is read again from the following year’s report: 396 confirmed, 22 differ, 7 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
7 more figures were restated in FY2015 to FY2022, which a free account opens.