31st Jan 2019 11:54
LONDON (Alliance News) - Newmark Security PLC on Thursday reported a swing to profit in the first half of its financial year following a double-digit increase in revenue.
The stock was trading 6.3% higher on Thursday at 0.93 pence a share.
In addition, Newmark said Finance Director Brian Beecraft intends to leave in October, having been with the company for 21 years. Newmark has commenced the search for a new finance director, it said.
"The board would like to thank Beecraft for his contribution during that time," said Chair Maurice Dwek.
The electronic and physical security systems provider said it swung to a profit of GBP432,000 in the six months to the end of October 2018 from the GBP449,000 loss reported a year earlier, as revenue grew 20% to GBP9.8 million from GBP8.2 million.
Looking ahead, Newmark said it expects the higher level of revenue within its electronic division to continue in the second half of the year, although revenue within the asset protection division is expected to be lower due to seasonality factors.
"The board was pleased with the growth achieved in the first half of the year and the consequent return to profitability," added Dwek.
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