22nd Oct 2018 09:23
LONDON (Alliance News) - Croma Security Solutions Group PLC hiked its full year dividend Monday after revenue and profit jumped amid one-off contract boosts and strong trading performance.
For the year ended June, pretax profit jumped to GBP2.0 million from GBP357,000 the year prior. This was after revenue rose 59% to GBP35.1 million from GBP22.1 million the year before.
"This has been an exceptional year for our business," Croma Chairman Sebastian Morley said. "Demand has increased on the back of real and perceived security concerns and critically for Croma we are benefitting from this but also increasing our market share. Our offer has evolved to become a total security solution which when delivered by our teams of ex-military personnel is proving to be compelling."
Croma proposed a 1.0 pence per share final dividend, taking the full year dividend to 1.6p per share. This was more than three times the 0.5p per share full year dividend paid the year prior.
"Our financial results have been helped in this year by some large one-off projects," Morley added, "even so, our ongoing trading performance backed by an increase in the number of long-term contracts is more than double two years ago."
The firm added the new financial year had seen a "good start" with contracted revenue higher on the year prior. Croma is looking to maintain its progressive dividend policy in the new financial year.
Shares in Croma were 2.5% higher at 104.00 pence on Monday.
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