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Croma Security Solutions praises ILOQ as annual profit surges

7th Nov 2023 12:11

(Alliance News) - Croma Security Solutions Group PLC on Tuesday hailed the success of ILOQ, which can open doors without keys, as annual profit rose sharply.

The Fareham, England-based security services provider said in the financial year that ended June 30, profit jumped to GBP3.2 million from GBP63,000 a year prior.

Croma Security shares rose 18% to 51.25 pence each on Tuesday afternoon in London.

Revenue climbed 22% to GBP42.8 million from GBP35.2 million. Revenue from continuing operations rose 38% to GBP8.0 million from GBP5.8 million. The company on June 30 sold its former subsidiary Vigilant for GBP6.5 million plus intercompany balances of GBP1.1 million.

The company proposed a final dividend of 2.2 pence per share, up from 2.1p a year prior.

Looking ahead, Croma Security hailed new commercial orders and continued success of ILOQ, whose ILOQ S50 NFC-based lock cylinder harvests energy from smartphones to unlock doors without keys.

In October 2021, Croma unveiled a partnership with Finnish security business and lock specialist iLOQ. Under the partnership, Croma sells, installs and maintains iLOQ equipment in the UK.

Meanwhile, Croma eyes "strong growth prospects" from its core businesses Croma Locksmith and Croma Fire & Security.

Chief Executive Officer Roberto Fiorentino said: "There is real scope for us to build out a nationwide presence and we have a proven track-record of acquiring businesses and enhancing their in-store product offer, sales growth, profitability and delivering ahead of targets.

"FY24 has started well and there are a number of acquisition opportunities in the pipeline; I am confident that we will deliver a strong performance this year."

By Tom Budszus, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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