LPA Eyes Normanton Relocation in Early 2017
Wed 05 Oct 2016
AIM-listed manufacturer LPA Group has said it expects to relocate its LED-based lighting activities to a larger facility in Normanton in early 2017.
LPA is a Saffron Walden-headquartered designer, manufacturer and supplier of LED-based lighting and electronic & electro mechanical systems to the transport industry. The company was established more than 100 years ago and employs almost 200 people in four locations in the UK.
In June, the business announced the purchase of a larger factory in Normanton, 200 metres from its current base in the West Yorkshire town.
In a trading update to the London Stock Exchange this week (27 September), LPA said the new facility, which will provide additional capacity, is currently undergoing refurbishment and extension.
Work is expected to be completed by the end of the calendar year and phased relocation of the business is to complete by the end of the first quarter of 2017.
The existing factory is under contract for sale, to be completed when vacant possession can be achieved following relocation. An exceptional gain of £300,000 is anticipated.
In its latest trading update, LPA also said market expectations for the financial year ending 30 September 2016 are "likely to be exceeded".
Original story by Karishma Patel, Insider Media