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LONDON (Alliance News) - Newmark Security PLC on Monday reported a swing to loss in the first half of its financial year, as revenue fell on lower equipment sales to the Post Office and a hit to orders after the UK's vote to leave the European Union.
The electronic and physical security systems firm reported a pretax loss of GBP816,000 for the six months to the end of October, swung from a profit of GBP761,000 the prior year. Revenue fell to GBP8.4 million from GBP11.2 million.
Newmark attributed the drop in revenue to a reduced contribution from sales of its time delay cash handling equipment to the Post Office in the UK.
Additionally, Newmark saw order inflow reduced in the lead up to the Brexit vote last June, as customers put plans on hold, it said. After the Brexit vote several customers cancelled planned work, including UK government departments, Newmark said.
Going forward, Newmark will focus on developing business in counter-terrorism products, "in line with changing global demand for physical security".
"The directors have reduced the group's costs and continue to review its cost structure to improve the financial position going forward. As stated above, a number of new products have now been launched and these have already resulted in some significant interest from customers," said Chairman Maurice Dwek in a statement.
Shares in Newmark Security were down 13% at 1.18 pence Monday following the announcement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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