Croma Security Regulatory News (CSSG)

The following amendment has been made to the 'INTERIM RESULTS' announcement released on 27 February 2014 at 07:00 under RNS No 0464B.

The first sentence has been amended to read 'six months to 31 December 2013' rather than 'six months to 31 December 2012'

All other details remain unchanged.

The full amended text is shown below.

CROMA SECURITY SOLUTIONS GROUP PLC

(LON:CSSG)

INTERIM RESULTS

FOR SIX MONTHS TO 31 DECEMBER 2013

Croma Security Solutions Group plc ("The Group") the AIM listed total security services provider announces its interim results for the six months to 31 December 2013.

HIGHLIGHTS

- Revenue up 7.7% to £7.31M (H1 2012: £6.78M)

- Gross Profit £1.82M (H1 2012: £1.75M)

- EBITDA £0.3M (H1 2012 £0.28M)

- Net Assets £8.67m, cash £0.8M

For further information visit www.cssgroupplc.com or contact:

Croma Security Solutions Group PLC

Sebastian Morley, Chairman Tel: +44(0)7768 006 909

WH Ireland Limited

Adrian Hadden / Nick Field Tel: +44 (0)207 220 1666

Chairman's Statement

I am pleased to report the financial results for the six months to 31 December 2013 which demonstrate an increase in turnover and profitability for the new Group.

During the six months, Group turnover increased by 7.7% to £7.31m and we continue to target and win high value security projects in the face of reduced corporate spending. PBT grew to £144,000 (2012 H1: £90,000) with EBITDA of £0.3M (2012 H1 £0.28M).

The aim of the Group is to offer total security services to high grade, stable clients who demand a premium service. Premium ex-military manned guarding, CCTV, intruder systems, fire systems, biometric identification and access control are our core activities. We are further concentrating our fire on to our Fastvein and Vehicle Impact Protection System (VIPS) which are unique to the Group. 

The Group is committed to selling intelligently to clients who demand a premium service where our core and specialist services create a differentiated offering. 

Financial Review

Turnover increased to £7.31M against £6.79M in H1 2012. Vigilant and CSS Locksmiths grew their turnover by 5%, and Croma Security by 27%.

The group has seen continued pressure on margins, but has held Gross Profit at 24.8% (H1 2012: 25.8%). In spite of a broad based improvement in economic activity, Vigilant's market remains quite competitive. The group recognises the need to maintain and improve margin through added-value services and cost monitoring.

Administrative expenses have been held broadly steady at £1.67M (2012 £1.64M)

Borrowing costs have greatly reduced as the group builds up and retains positive cash balances, and invoice discounting has been required less often than in 2012. As such, the group's cash position is strong.

Debtor days at 31 December were down to 50 (2012: 51). Credit control remains strong, and bad debt expense has been minimal.

The board is grateful to Richard Juett for his work for the group over the last eighteen months, and for implementing the new financial management systems which have greatly assisted the group's growth. Alex Tetley has taken over as Finance Director and the Board is pleased to welcome him to the Group.

Outlook

The Board considers that the recent investment in new products, management systems and the identification of operational efficiencies have positioned the Group very well for the coming year.

In particular the roll-out of Fastvein and VIPS, both in the UK and abroad, provide real opportunities for growth, and the Board will continue to look for appropriate acquisitions to increase the Group's geographical coverage and service offering.

The board are encouraged by the 6 month's results and outlook for the remainder of the year. With continued trading present level through the second half of the year, the board would expect to declare a dividend on the full year results.

Sebastian Morley

Chairman

26 February 2014

CROMA SECURITY SOLUTIONS GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR 6 MONTHS ENDED 31 DECEMBER 2013

CROMA SECURITY SOLUTIONS GROUP PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2013

CROMA SECURITY SOLUTIONS GROUP PLC

CONSOLIDATED SATATEMENT OF CASHFLOWS FOR 6 MONTHS ENDED 31 DECEMBER 2013

NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR 6 MONTHS TO 31 DECEMBER 2013

1. Basis of preparation

The financial information in the half yearly report has been prepared using the recognition and measurement principles of International Accounting Standards, Intrernational Financial Reporting Standards and Interpretations adopted for use in the European Union ("IFRS").

The principal accounting policies in this half yearly report are unchanged from those applied in the2013 financial statements. The financial information for the six months ended 31 Decenber 2013 and the six months ended 31 December 2012 are unaudited and unreviewed.

The financial statements for the year ended 30 June 2013, which were prepared in accordance wirth IFRS, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, have been delivered to the Registrar of Companies.The auditors' report on these accounts was unqualified and did not contain a statement under sections 498(2) and 498(3) of the Companies Act 2003.

While the financial information in this half yearly report is consistent with the recognition and meaasurement principles of adopted IFRS, it does not comply with the requirements of IAS34 Interim Financial Reporting nor does it constitute statutory accounts within the meaning of the Companies Act 2006.

2. Earnings per share

Earnings per share is based upon the profit/(loss) for the period and the weighted average number of shares in issue and ranking for dividend

The following reflects the profit and share data used in the basic and diluted EPS computations:

3. Taxation

Taxation has been provided for at 23.75%

4. Financial Information

The Board of Directors approved this interim report on 26 February 2014.

A copy of this report can be obtained by writing to the Company Secretary at our registered office; Unit 6 Fulcrum 4, Solent Way, Whiteley, Hampshire PO15 7FT or from our website at www.cssgroupplc.com