Newmark Security PLC - security services provider - Says revenue growth for the year ended April 30 is driven by Human Capital Management sales in the US. Says loss narrows in the second half of financial 2022 compared to the first one, due to a programme of cost management and increased prices to mitigate the hit from higher input and freight costs. In the first half of financial 2022, it generated a pretax loss of GBP879,000.
Secures USD2 million invoice discounting facility to provide additional working capital headroom. Expects to see the full benefit of the price rises and cost savings in financial 2023.
"I am pleased with the progress in executing our strategy and setting the right foundations for success. We are delivering on our targets for revenue growth and cost management initiatives whilst focusing on our new product pipeline that provides us with the ability to offer complete solutions to our clients continuously," Chair Maurice Dwek comments.
The company recorded revenue of GBP17.7 million in financial 2021 and a pretax loss of GBP126,000.
Current stock price: 34.00 pence, up 15% on Tuesday
12-month change: down 43%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Newmark Security (NWT)