3rd Oct 2018 16:52
LONDON (Alliance News) - Newmark Security PLC on Wednesday narrowed its annual loss on the absence of exceptional impairments booked the year before.
In the year ended to April 30, the security systems services company narrowed it pretax loss to GBP1.9 million from GBP5.2 million the year before.
Shares in Newmark Security closed up 15% at 0.75 pence each on Wednesday.
The company's revenue was broadly flat at GBP16.1 million versus GBP16.0 million the year before.
Newmark Security recorded a GBP2.2 million exceptional impairment provision of goodwill and a GBP1.3 million exceptional impairment provision of development costs in its 2017 financial year, which were reduced to GBP698,000 in 2018.
The company's Electronic division increased its revenue to GBP8.0 million from GBP7.1 million in a "turn-round" year for the division.
The AIM-listed company did not propose a dividend for the year, same as in 2017.
Newmark's cash and cash equivalents at the end of the year was GBP1.1 million, down from GBP1.4 million the year before.
Chairman Maurice Dwek said: "The Janus upgrade programme has continued to contribute to access control revenues as end users, faced with platform obsolescence through technology advances, migrate to Sateon.
"Development work on the Sateon Advance platform has now been completed as the current product is considered to be fully mature and technically robust.
"It is anticipated that this new offering will be brought to market in the second half of the current year and will sit alongside Sateon as two distinct platforms. In Human Capital Management, the GT-10 terminal continues to provide major opportunities with new and existing partners. "
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