2nd Mar 2020 09:38
(Alliance News) - Croma Security Solutions Group PLC on Monday said its interim profit dropped on higher costs and lower revenue following the loss of some project work.
For the six months to the end of December, the Hampshire-based security services firm reported a pretax profit of GBP690,000, down 32% from GBP1.0 million, as administrative expenses edged upwards to GBP2.6 million from GBP2.3 million.
In addition, revenue declined by 3.5% to GBP17.4 million from GBP18.0 million the prior year, as a decline in the guarding division more than offset growth in Systems & Locksmiths.
Croma declared a interim dividend of 0.75 pence per share, up 7.1% from 0.70p the same period the prior year.
Looking ahead, Croma said it has made a positive start to the second half of the year, with a healthy pipeline of acquisition opportunities to further extended the security centre network.
"We have made a good progress in the first half of this financial year maintaining the step change in sales and profits achieved over the last 24 months whilst continuing to invest in the growth drivers of the business. Our store refurbishment plan continues as we convert our existing traditional locksmiths' businesses into security centres, offering the full range of our premium security services, whilst we remain focused on developing our centres into a national network," said Chair Sebastian Morley.
Shares in Croma Security Solutions were down 2.7% at 89.00 pence on Monday in London.
By Dayo Laniyan; [email protected]
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