28th Jan 2016 10:53
LONDON (Alliance News) - Security systems provider Newmark Security PLC on Thursday said its pretax profit halved in the first half to the end of October amid a dip in revenue from some key contracts.
Newmark said its pretax profit for the half to October 31 was GBP765,000, down from GBP1.6 million a year earlier.
Revenue fell to GBP11.2 million from GBP11.9 million, as the Asset Protection arm, which designs physical security systems, was hit by a decline in revenue from a key customer and as its Electronic arm, which makes digital security systems, saw revenue fall due to weakness in its workforce management unit in the UK.
"Profit for the year is forecast to be in line with market expectations. As stated in the last annual report, revenue from the Asset Protection Division was expected to be lower for the current period due to lower volumes of some major customer programmes for the current year," said Chairman Maurice Dwek.
"The profits of the group for the current year were also expected to be lower than the previous year with a focus on new market and product development, including the opening of the new office in Hong Kong, from which the benefits are expected to be seen in the future," he added.
Newmark shares were down 1.0% to 3.02 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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