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Lo-Q announces full results for the twelve months

ended 31 October 2011

Update : 20:36 Published by François Mayné the 20 February 2012, Corporate.

Lo-Q plc (AIM: LOQ), the AIM listed provider of virtual queuing systems for theme parks, water parks and major attractions, announces results for the twelve months ended 31 October 2011.

The results demonstrate operational, financial and strategic progress during the past year, performing ahead of market expectations, with strong year-on-year growth delivered in revenue, profit before tax and net cash, as well as the delivery of significant new contract wins for both current and new product lines.

Lo-Q announces full results for the twelve months ended 31 October 2011

Operational Highlights

- Four additional parks contracted and implemented during the period
- 17 percent like for like, year on year increase in average customer spend on LoQ products
- Nine percent increase in park attendees utilising Lo-Q systems
- Focused development and deployment of new products into adjacent markets, with successful trial of Lo-Q’s Q-band water park product completed
- Strengthening of Board with appointment of John Weston as Non-Executive Chairman
- FTSE reclassification to Software sector
- Proud recipient of 2011 Queen's Award for International Trade

Post-Period End Highlights

- Six-year contract extension with Six Flags for the Company’s Q-bot solution
- Strong early sales success for Q-band water park product
- Six Flags commits to 2012 Q-band roll-out across nine water parks for a six year term
- Q-band contract win also secured at Splish Splash in Long Island, New York
- 12 week pilot agreed for smartphone based solution with one of London’s best known ‘single-line’ attractions
- Global agreement with MasterCard to develop new contactless payment solution
- Contract win for Q-bot at LEGOLAND Deutschland

Commenting on the results Tom Burnet, Chief Executive of Lo-Q, said:
“2011 was an excellent year for Lo-Q. We delivered significant progress from existing installations; announced long term contracted commitments in relation to existing and new products and established important beachheads in new markets. In short, we have achieved every single objective we set for ourselves at the start of the year. The strategic initiatives implemented will provide the framework for longer term progress and the hard work and determination of the team, together with the continued development of innovative new products, has created a strong platform on which to build in 2012.

Notwithstanding the challenges of opening 11 new operations around the world, I am confident that we have initiated the momentum that will define our future business.”

These preliminary results are available on Lo-Q’s website at www.lo-q.com

- - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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Lo-Q
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