Lo-Q, the AIM listed provider of virtual queuing systems for theme parks and major attractions, is pleased to provide a positive update on trading for the financial year ended 31 October 2011.
Lo-Q has delivered strong year-on-year growth during the financial year in revenue, profit before tax and net cash. Driven by further growth in revenue from existing sites and the 'switch-on' of new mandates won during the year, the Lo-Q board of directors (the "Board") now expects results for the period to be marginally ahead of its prior expectations.
The Company has continued to make good strategic progress during the year, both financially and operationally. The financial year has seen a 17 per cent year-on-year increase in average guest spend on our products. We have also experienced a 9 per cent increase this year in the number of park attendees choosing to use our system, against the backdrop of a 3 per cent decline in like-for-like park attendances. Operationally, the Company has continued to develop new and innovative products, using them to make important first steps in to adjacent target markets where Lo-Q technology has the potential to enhance both visitor experience and operator returns.
The Company's Q-band product, launched during the year and designed specifically for use in the adjacent water park market, is a good example of this progress. The product has returned impressive initial results from its first trial at a major North American site. This positive feedback underpins our confidence in the product, its potential and our ability to target the water park market opportunity successfully over the medium to long term.
In addition, and as announced post period-end, the Company has signed a twelve-week pilot for its innovative smartphone based solution with one of the UK's best known 'single-line' attractions: the EDF London Eye. This trial, the first of its kind in the UK, represents an important technological advancement for the Company as well as an exciting first step towards extending Lo-Q's offering outside of its core theme park base and into the promising 'single line' attraction vertical.
Commenting Tom Burnet, Chief Executive Officer of Lo-Q plc said: "I am very pleased with the progress we have made this year. We have worked hard to deliver new products, target new markets, invest in our people and these investments are starting to deliver real and encouraging returns. Of course, there is more work to do to make sure that we maintain this good momentum. Nevertheless, the Board and I believe that this strong full year performance, coupled with a buoyant new business pipeline puts us in a strong position to continue to deliver growth in the months ahead."