www.lo-q.com
Lo-Q plc is an AIM (Alternative Investment Market - London Stock Exchange) listed company with active subsidiary companies in USA and Canada. Lo-Q design, install and operate systems which allow members of the public to make ride and show reservations when they visit a theme park or other attraction. Their new flagship product, VQ²º²º is a true virtual queuing system for theme parks. Lo-Q's proprietary hand-held units, called Q-bots, are used in major theme parks around the world.
Lo-Q gears up for an expansion drive; says full-year profits are up 18pct
Lo-Q (LON:LOQ), the maker of virtual queuing systems for theme parks and attractions, said today it is gearing up for an expansion drive.
Chief executive Tom Burnet believes targeted acquisitions in the theme, amusement and water park sectors provide “great potential” to grow the company’s global footprint.
“These sectors have seen substantial change over the last five to seven years as both corporations and private equity houses have started to consolidate the ownership of parks around the world,” he said following the release of full-year results.
“At the same time, the supply chain has failed to consolidate and we see merit in adding IP in areas that complement our own queuing excellence to enable us not only to reinforce our position within our existing vertical but also to take our queuing technology to new and growing verticals which have the same need.
“We have identified a number of potential areas for this strategic expansion and will report further on this in due course.”
The results, meanwhile, revealed revenues grew by just shy of 16 per cent to £20.3 million giving profit before tax of £2.32 million, up 18.4 per cent. The company has just over £6 million of cash.
There is no dividend and unlikely to be a payout in the near future.
Lo-Q designs, installs and operates systems which allow members of the public to make ride and show reservations when they visit a theme park or other attractions.
Its flagship product, VQ2020, is a true virtual queuing system which uses hand-held units called Q-bots.
The company’s systems are installed in a total of 11 Six Flags theme parks in the US and Canada including Dolly Parton’s Dollywood, and in Legoland Windsor.
There will be large-scale trials of the of the firm’s Q-credits wristbands at two US water parks this year.
However even in the early stages of development the new product has been “exceptionally well received”, Lo-Q said.
Chief executive Burnet added: “I am confident that 2011, our 10th year of operations, has started well from a sales and pipeline building perspective and that operationally we are well positioned to deliver another strong performance this year.
“This, combined with an excellent new product in the final stages of development and exciting future technical roadmap to build on, give me confidence as we look forward to the 2011 trading season."
