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LONDON (Alliance News) - Newmark Security PLC said Monday it expects revenues for the full year to be substantially ahead of market expectations, at it saw further orders from the Post Office in the UK and finalised a one-off contract with a foreign embassy.
However, the electronic and physical security systems company said it would be writing down GBP800,000 at its half-year results, related to development costs for its 'cash in transit box'. The company said that trials of the box with its client had been successful, but due to the client's budget cuts, it was unlikely to make any substantial order in the near future.
The company also said that the earlier-than-expected introduction of polymer banknotes in the UK had contributed to its decision to write off costs, but it will continue to market the box through its existing and new customers.
Newmark expects its results for the half year ended October 31 to show revenue ahead of expectations due to earlier-than-expected orders from the Post Office.
Newmark shares were up 9.2% at 1.61 pence early Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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