AGM Statement

RNS Number : 1148A

Lo-Q PLC

27 March 2012

 



27 March 2012

Lo-Q plc

("Lo-Q" or the "Company")

AGM Statement

Lo-Q plc (AIM: LOQ), the AIM-listed provider of virtual queuing systems for theme parks, water parks and major attractions will today, at 11.00, hold its Annual General Meeting.  At that time the Chairman of the Meeting will provide the following pre-close update on trading for the six months ended 30 April 2012:

As reported in February, the prior financial year was an excellent year for Lo-Q.  The Board is pleased that this strong operational momentum has continued in to the first half of the current year. 

The Company has recorded very encouraging new business progress in this first half, particularly with its new and exciting water park product: Q-band.  The Company's largest customer, Six Flags, has committed to roll-out Q-band across nine of its North American water parks for a six year term.  Lo-Q has also begun implementation of Q-band at Palace Entertainments' "Splish Splash" park in Long Island, New York and is delighted to have announced a five year contract with Zoombezi Bay.

Furthermore, new partnerships, such as that signed with MasterCard, and an additional Tier 1 contract win for Lo-Q's core Q-bot offering with LEGOLAND Deutschland, not only demonstrate the Company's ability to grow across all areas of its operations, but also to establish and deepen relationships with some of the most important stakeholders in its industry.  To that end, the Board is also delighted to have been able to report a six year extension to its contract with 11 Six Flags Q-bot parks.

Having secured strong new business momentum, the main challenge for Lo-Q in this first half has been to ensure the efficient implementation and installation of each new customer mandate.  The Board is pleased with the progress that the Company's service teams have made in this regard ahead of the important peak park trading season.

Whilst it is still very early in the trading year for the majority of Lo-Q's customers (theme and water park operators) the start of the year has been a sound and encouraging one.  Lo-Q's performance is traditionally significantly second half weighted. The Board expects this weighting to increase this year as a result of the investments made in supporting new product and new customer installations.  The Company's healthy sales pipeline and encouraging early trading results allow the Board to remain confident that Lo-Q is well placed to perform in line with current market expectations for the financial year as a whole. 

For further information, please contact

Lo-Q plc                                                                                               [phone]

Tom Burnet, Chief Executive Officer

John Alder, Chief Financial Officer

FTI Consulting                                                                                   [phone]

Matt Dixon, Clare Thomas, James Melville-Ross

Canaccord Genuity Limited                                                         [phone]

Simon Bridges, Kit Stephenson

About Lo-Q

Lo-Q is the creator of a virtual queuing system for theme parks, water parks and other leisure attractions that allows users to queue without waiting in line.  Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.  

Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags Entertainment Co, Herschend Group and Merlin Entertainments.  These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities.  By the end of 2011, more than seven million individuals had used a Lo-Q product and that number is growing.

The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan.  The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new product for other complementary adjacent markets.

Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ".  For further information please visit www.lo-q.com 

Ends

 

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