News blog
Newmark Security
- BY: Andrew Hore |
- POSTED: 03/08/2012 |
Security products supplier Newmark Security was hit by weak trading and one-off costs in 2011-12.
In the year to April 2012, revenues edged ahead from £12.7m to £13.1m, while pre-tax profit slumped from £706,000 to £62,000. This was after an increase in legal costs from £40,000 to £176,000 and an impairment charge of £194,000 relating to development costs.
Revenues fell in the electronic security division, where there were delays in US sales, but they rose in the asset protection division from £6.51m to £7.06m. There was a small decline in profit from asset protection because customers were putting pressure on long-term contract margins.
Capitalised R&D spending was maintained at £1.13m. Net debt was £471,000 at the end of April 2012. Newmark has used £105,000 of a £300,000 convertible facility provided by directors. There is no dividend, whereas 0.0275p a share was paid for the previous financial year.
Maurice Dwek has become executive chairman.
At 0.65p a share, Newmark is valued at £2.93m.
Newmark has won a £3.4m order from the Post Office for time delay safes and further orders are expected. Sales of the new SATEON access control system should start to build up.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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