31st Jan 2025 09:24
(Alliance News) - Newmark Security PLC shares fell on Friday morning, after the company reported a wider interim loss but said it remains confident in its full-year outlook.
Newmark is a London-based designer and manufacturer of specialist products and services that ensure safe and secure workplaces.
It said its pretax loss for the six months that ended October 31 widened to GBP431,000 from GBP126,000 the year before.
Newmark Security shares fell as much as 10% to a low of 71.80 pence early on Friday morning in London before rebounding to 75.00p, still down 6.3%. The stock has fallen 19% over the past six months.
Revenue for the half-year fell 1.9% to GBP10.2 million from GBP10.4 million, while administrative expenses increased 10% to GBP4.2 million from GBP3.8 million.
Earnings before interest, tax, depreciation and amortisation sank 46% to GBP500,000 from GBP800,000 the year before.
Newmark declared no dividend for either interim period.
Chair Maurice Dwek said: "The group delivered a positive first half in accordance with its strategy to drive further growth in recurring revenue streams and service offering. Increased investment in line with our new five-year strategic plan is reflected in our lower reported Ebitda, however; higher [human capital management] product margins and growth in annualised recurring revenues helped to strengthen our cash flow and balance sheet."
Dwek added: "We continue to win and extend contracts with blue-chip customers, which is testament to our people and our service offering. Like last year, our sales pipeline across both divisions is weighted to the second half and we expect to surpass the previous full year revenue performance.
"We are excited about the outlook and look forward to updating the market on our progress at the full year."
By Emily Parsons, Alliance News reporter
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