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London Security's profits bolstered by favourable exchange rates
Fire safety firm London Security announced on Friday that its profits increased by 4% to £21.7m over 2017 as the company benefitted from foreign exchange movements.
Movements in exchange rates had a favourable impact on the firm's revenues in the year leading up to 31 December, adding £7.3m to reported revenues for a 10% increase on the prior year to £125.9m.
If results had been translated at the same rates as 2016 then revenue would still have seen an increase of 3% to £118.6m.
London Security said that throughout 2017 it "consolidated its presence" in the Netherlands, Germany and the UK by acquiring service contracts with nine small and well-established businesses for integration into its subsidiaries.
Furthermore, it acquired a 75% interest in a UK business, allowing London Security to bring in house a partner with which it has previously subcontracted.
The AIM-traded company seeks to continue its growth through further acquisitions throughout Europe.
J.G Murray, chairman of London Security, said: "2017 was a year in which the staff performed well and, on behalf of the shareholders, I would like to express thanks and appreciation for their contribution. The Group recognises that we can only achieve our aims with talented and dedicated colleagues who provide outstanding customer service in every area of the business."
As of 1346 BST, London Security's shares were up 0.48% at 2,100.00p