Electronic accessory maker LPA is down in the dumps, moving from profit to loss in the year to September and being forced to cut staff numbers, with 'some excellent people' amongst the casualties. The Saffron Walden-based group lost £318,000 altogether, on turnover raised 2% to £13.8m. This compares to a £127,000 pre-tax profit in 2001. But now its troubles are many, and further cuts are being instituted to deal with them. But it is difficult not to have sympathy for the company. For a start it had expanded to meet projected demand from contractors to the now-delayed West Coast Main Line project,consequently causing a sharp drop-off. Also aerospace work has declined, telecoms markets remain depressed and competition (especially from the Far East) is hurting sales and margins. His fellow directors have agreed to extend chief executive Peter Pollock's share options expiry date to 2007, though leaving the exercise price at 40p. Compared to the actions of many other listed technology's companies attitudes towards director options, this looks an admirable and fair decision. Those shares were last up at that level a year ago, having fallen froma high of 160p-plus in the tech boom. On a more optimistic note, order levels have improved in recent months and tangible NAV was £2.5m in Sepember.