LONDON (Alliance News) - Newmark Security PLC Monday reported a rise in profit in its recently-ended financial year as revenue grew and it didn't book large costs like it did the prior year, but warned that profit in the current year will be lower.
The company reported a pretax profit in the year to April 30 of GBP2.3 million, more than double the GBP906,000 profit it made the year before, while revenue grew to GBP22.9 million from GBP19.2 million.
Newmark said that its profit the year before last was hit by a development cost impairment of GBP852,000, which it wasn't faced with again last year.
It also noted that revenue in its last year was lower in the second half than in the first half due to the timing of customer projects and roll-out programmes.
Newmark will pay a total dividend of 0.1 pence, up from the 0.075p it paid the prior year.
However, Newmark warned that profit in the current financial year will be lower than in the last year as it builds up new markets and products, although it said that benefits of this will be seen in the following year and said it is optimistic about the future with various opportunities in the pipeline.
"We continue to make positive progress within the business by maintaining long-term relationships with existing clients, as well as gaining new business as the group's suite of security products becomes more widely available across the globe," Chairman Maurice Dwek said in a statement.
Newmark shares were down 3.6% to 4.7 pence after the open on Monday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Newmark Security (NWT)