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Croma Security Solutions Group

  • BY: Andrew Hore |
  • POSTED: 15/03/2013 |

Security services provider Croma Security Solutions Group is on course to move into profit this year.

Croma Group completed the acquisition of the CSS companies one year ago. At that time, 4.1m was raised at 75p a share. The share price has declined to 32.75p, up 3.25p on the day, which values the whole company at 4.75m.

In the six months to December 2012, Croma increased its revenues from 4.32m to 6.79m with part of that down to the acquisitions and 730,000 of organic growth. Interim profit improved from 29,000 to 90,000, with the latest figure after a 105,000 amortisation charge. Croma lost 63,000 before amortisation and acquisition costs last year.

WH Ireland expects a much stronger second half this year and forecasts a 2012-13 pre-exceptional profit of 400,000.

Profit has been held back by the investment in expanding the business so it can achieve national coverage.  New contracts, such as the one with Odeon Cinemas, will contribute in the second half. Croma needs to push forward with the cross-selling of its range of services, which include security personnel, CCTV, access control, alarm systems and asset protection.

Net debt was 85,000 at the end of 2012. Croma has a 2m invoice discount facility.

The shares are trading on 13 times prospective 2012-13 earnings.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2013_42.pdf

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