25th Jan 2024 14:29
(Alliance News) - Newmark Security PLC on Thursday said it saw its revenue drop in its latest half year, and swung to a loss as costs grew.
Shares in Newmark Security fell 19% to 73.89 pence each in London on Thursday afternoon.
Newmark is a London-based designer and manufacturer of specialist products and services that ensure safe and secure workplaces.
Revenue fell 1.9% to GBP10.4 million in the six months ended October 31 from GBP10.6 million a year ago.
Newmark swung to a pretax loss of GBP126,000 from a GBP371,000 profit in the half year. This was driven by administrative expenses increasing by 5.6% to GBP3.8 million from GBP3.6 million a year ago. Finance costs also rose 23% to GBP181,000 from GBP147,000.
Newmark did not propose an interim dividend, unchanged from a year ago.
Looking ahead, Chair Maurice Dwek said: "Whilst we are watchful of the macroeconomic outlook and pending elections, the people and data security market continues to grow and we are confident that the group is in a stronger position to capitalise on the opportunities this will bring. We look forward to updating the market on our further progress at the full year."
"Our sales pipeline is expanding and we are on track for stronger second half, with both divisions set to deliver full year revenue growth," he added.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.