Newmark Security boss "disappointed" by profits fall

Shares in security products provider Newmark Security took a knock after its chairman said he was "disappointed" by a fall in profits that came amid tough economic conditions. Pre-tax profits in the year to 30 April fell to £706,000 from £1.58m the previous year on revenues that dropped to £12.65m from £13.8m."The board is disappointed by the results for the year under review which have been impacted by the current economic slowdown," said chairman Maurice Dwek. "Trading in the current year has again been variable to date and therefore the outlook for this financial year is a continuation of last year."Newmark operates two businesses: Grosvenor Technology, which provides electronic access control systems; and Safetell, which makes bulletproof screens.The company is still planning to pay a higher interim dividend of 0.0275p for the year against 0.025p last year.At 11.30am, shares in the company were down nearly 11% at 0.15p.---RG