Croma Security Solutions Group PLC (AIM:CSSG) shares jumped 20% on Tuesday in response to the group’s trading update.
As part of a strategic refocus on higher margin business segments, Croma has decided to offload its Vigilant Security manned guarding business “If an appropriate offer can be secured”.
In order to pursue this acquisition, two board members agreed to step down from their positions effective immediately.
Although Vigilant secured a number of contract wins this year, it “has not generated the opportunities for cross marketing and cross sales that had been expected,” read the statement.
Investors responded well to the news, sending CSSG shares to 67p generating a market capitalisation of £10mln.