News blog
Newmark Security
- BY: Andrew Hore |
- POSTED: 16/07/2008 |
- COMMENTS: Add yours
Newmark Security improved profits even before a £1.15m reduction in a past overseas tax liability.
The security products supplier reported a rise in profits from £1.51m to £1.74m in the year to April 2008. This was after £159,000 of restructuring costs plus a reduced exchange loss of £59,000, against £11,000 last time. Turnover grew from £13.4m to £14.9m.
The restructuring of the electronic security business, which supplies asset control and tracking systems, should save £350,000 a year. That division’s turnover was flat and its profit contribution was down slightly.
The growth in turnover and profits came from the asset protection division, which supplies glass screens, doors and safes. Important customers in the period included the Post Office and WH Smith. This year sales are expected to increase by 8%.
The business is a strong cash generator. Net debt is £1.42m, down from just over £2.5m at the end of April 2007.
Newmark is concerned about the current state of the UK economy and believes that some work may be deferred. However, it is waiting for two potentially significant commercial agreements to come through. Management believes that Newmark should be able to wipe out the deficit on its distributable reserves this year and start paying dividends.
The shares rose 0.18p to 1.73p, valuing Newmark at £7.77m.
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