4th Oct 2021 10:46
(Alliance News) - Shares in Croma Security Solutions Group PLC rose sharply on Monday morning after the firm announced trading for the year had been better than earlier forecasts and that a new business partnership had been secured.
The security and identity management specialist's stock was trading 9.5% higher at 92.00 pence following the announcement.
Hampshire-headquartered Croma said that due to strong trading for the 12 months ended June 30, it now expects to deliver earnings before interest, tax, depreciation and amortisation ahead of previous GBP1.9 million guidance. Ebitda in 2020 was GBP1.8 million.
The guidance uplift was attributed to high demand for security services, with the improved trading performance coming from all areas of the company's operations.
Croma also unveiled a new partnership with Finnish security business and lock specialist iLOQ. Under the partnership, Croma will sell, install and maintain iLOQ equipment in the UK.
iLOQ recently developed a new battery free door lock which can be opened by smartphone.
"The strength of our trading indicates we have successfully ridden out the impact of pandemic and have in fact, emerged in a stronger position to move forward. The tie up with iLOQ is particularly interesting as their mobile lock has the potential to be widely adopted, time will tell, but the early signs are good," said Chair Sebastian Morley.
Croma full year results will be announced on October 25.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Croma Security