Last checked at 31 Oct 2023 07:00
31 October 2023
Newmark Security plc
("Newmark", the "Company" or the "Group")
AGM Statement
Newmark Security plc (AIM: NWT), a leading provider of electronic and physical security systems, is holding its Annual General Meeting ("AGM") today at 10:30 am (UK).
At the AGM, Maurice Dwek, Newmark Chairman, will make the following statement:
"Last year was a period of significant progress across both businesses, culminating in the Group returning to full-year profitability. As we close the first half of the current financial year, I'm pleased to report that the momentum has continued. New clients and contracts have been won across both businesses, and the Group has further strengthened its position to address the growing people and data security market.
"Grosvenor continues to rebuild with a focus on recurring revenues following the anticipated end of the UKG contract. The Company announced in its full year results to April 2020 that it anticipated this contract would reduce over time following the merger in 2020 between Ultimate Software, our original HCM partner, and Kronos, a competitor in time clock products. However, the timing for this was uncertain and it is testament to the quality of services provided by our team that this only happened in Q3 of the last financial year. Notwithstanding this, Grosvenor has seen an excellent performance across its Human Capital Management business lines. This has included the onboarding of new clients and displacing its competition, growing its subscription numbers by c.13% and winning contracts with the London Fire Brigade and Coventry Hospital for its Janus C4 access control solution.
"At the same time, Safetell has fulfilled a large Protection Screens order for a major supermarket chain, rolled out five new ballistic protection systems for a new money exchange client, with a further 22 planned for next year, and won new orders within banking, retail, utilities and public sector verticals.
"The Board notes that due to the timing of new contracts and orders, it expects revenue for the current financial year to be predominantly weighted to the second half. Importantly, we have adequate financial resources in place to deliver on our plans. Whilst continuing to monitor the impact of global macro events closely, we remain cautiously optimistic on the outlook for the rest of the year."
For further information:
Newmark Security plc Marie-Claire Dwek, Chief Executive Officer Paul Campbell-White, Chief Financial Officer
| Tel: +44 (0) 20 7355 0070 www.newmarksecurity.com |
Allenby Capital Limited (Nominated Adviser and Broker) | Tel: +44 (0) 20 3328 5656 |
James Reeve / Lauren Wright (Corporate Finance) Amrit Nahal (Sales & Corporate Broking) |
About Newmark Security plc
Newmark is a leading provider of electronic, software and physical security systems and installations that helps organisations protect human capital and provide safe spaces seamlessly and securely.
From our locations in the UK and US, we operate through subsidiary businesses positioned in specialist, high-growth markets.
We foster an open and inclusive work environment amongst our c.100 employees, serving hundreds of blue-chip customers.
Our product portfolio consists of Human Capital Management and Access Control Systems providing both hardware and software and physical security installations to various sectors.
Newmark Security plc is admitted to trading on AIM (AIM: NWT).
For more information, please visit: https://newmarksecurity.com/
Safe. Seamless. Secure