A reduction of £1.1m in security products supplier Newmark Security’s overseas tax liability will boost its second half profits.
The gain will be taken as an exceptional profit so it will not be included in the pre-tax profit. A gain of £50,000 on a property disposal will also be included in the second half.
Newmark made profits of £1.51m in the year to April 2007. At the time those figures were reported it warned that first half profits might be lower than the £870,000 reported in the first half of last year. However, at the AGM chairman Joe Dwek reported that sales in the first four months of the financial year were 22% ahead and this offset the initial caution.
Interim figures will be released in mid-December. The shares rose 0.25p to 1.625p. That values the company at £7.52m. The net asset value was £4.7m at the end of April 2007, although that includes intangible assets of more than £7m.
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