(Alliance News) - Newmark Security PLC posted an annual profit on Thursday after a loss the year prior, helped by revenue growth and the non-repeat on impairments.
Security systems firm Newmark registered a GBP220,000 pretax profit for the year to April 30, after a GBP1.9 million loss the year before. A year before, the firm had made a GBP698,000 impairment on development costs.
Profitability was also helped by a 22% rise in revenue, to GBP19.6 million.
"It has been a turnaround period for the group and I am pleased to report the return to profitability in the year," said Chair Maurice Dwek.
"The board thanks all shareholders for their patience over what has been a challenging few years."
Revenue in the Electronic division climbed 38% to GBP11.0 million, after a strong performance in human capital management. Asset Protection revenue was up 6.3% to GBP8.6 million.
Looking ahead, Dwek said: "The board is encouraged by the group's return to profitability and looks forward to the remainder of the current year with confidence."
Newmark shares were up 3.7% on Thursday morning in London at 0.70 pence each.
Newmark Security (NWT)