Lo-Q pre-close trading update; appointment of chairman
Lo-Q, the provider of queue management systems for the amusement and water park industry, reported in their April AGM update that trading remains in line with market expectations for the six months to April 30th 2011, with H1 losses widening compared with H1 2010 as a result of investments in sales and product development. H1 2010 loss before tax was £900,000 (Lo-Q's business is highly seasonal, with most revenue earned in the summer months). However, the investment appears to be bearing fruit, as the flagship VQ2020 system will be installed at Blackpool Pleasure Beach (UK); Parque de Atracciones (Spain - Parques Reunidos); Heide Park (Germany; Merlin Entertainments); and the recently announced Movie Park Germany (Germany - Parques Reunidos) in 2011. The company also announced that it will be doing a full-season trial of its new Q-credits waterpark system at a US location.
The company also announced that John Weston, the former CEO of BAE Systems (2002-2008) has been appointed as chairman. Since BAE, which had sales of £12.5 billion and 120,000 employees when he left, Mr. Weston has held a number of directorships with smaller growth companies in software and technology, including Spirent plc, (telecoms testing equipment) and iSOFT Plc (software applications to the healthcare industry). Weston led the turn-round of iSOFT, restoring it to profitability and achieving a successful sale of the organisation.
Weston is also a Vice President of the Royal United Services Institute and has served as a member of the council of the Royal Academy for Engineering and the Prime Minister's Science and Technology Council. In addition to his CBE he is also a Commander of the Order of the Pole Star (Sweden), and a freeman of the City of London.
The appointment follows that of CEO Tom Burnett last autumn, and continues the pattern of appointing directors that have deep experience in industries outside of the leisure sector but which complement the existing team.
Filed Under: Recreational Services, Queuing Systems, Theme Park, Contract Win, Leisure, Travel & Leisure,
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Lo-Q plc is engaged in the development and application of virtual queuing technologies. The Company develops virtual queuing technologies for a theme park or other attraction. The Company 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 attraction. Its flagship product, VQ is a virtual queuing system for theme parks. Its hand-held units, called Q-bots, are used in theme parks around the world. The Company has overseas operations in the United States, Canada, Italy, Germany, Spain and Australia. more »
