LONDON (Alliance News) - Shares in Newmark Security PLC rose in early trade on Friday after the company reported a surge in pretax profit in the first half on the back of a jump in revenue, driven by its asset protection division.
The security company's shares rose 25% to 2.54 pence on Friday morning, one of the best performers in the AIM All-Share, after it reported a rise in pretax profit to GBP1.6 million for the six months to the end of October, up from only GBP19,000 last year and ahead of the GBP984,000 profit it posted for its last full financial year.
Revenue for the group rose 34% to GBP11.9 million from GBP8.9 million, boosted by the acquisition of CSI in November 2013 and by a 55% jump in revenue for its asset-protection arm to GBP7.8 million. Revenue for its electronic division rose 6% to GBP4.1 million.
"As stated in the last annual report, although revenues in the second half of the year are not expected to match the first half, the full year results before exceptional items are expected to be ahead of last year," said Newmark Chairman Maurice Dwek.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Newmark Security (NWT)