Newmark Security PLC (AIM:NWT) said the momentum seen in the first half continued into the second six months of the financial year leading to a strong rise in revenues and improved cash position and profitability.
Turnover for the year ended April 30 was £22 million, up from £20.2 million in the same period last year, the security and software services group said.
This growth spanned both the People and Data Management and Physical Security divisions, contributing to a healthier cash position of £1.1 million by year-end, up from £0.6 million.
Notably, the Human Capital Management sector saw a 28% rise in annualised recurring revenues, reaching £2.9 million.
Chief executive Marie-Claire Dwek said: "This is testament to the success of the strategies being implemented across both divisions to drive customer acquisition, growth in recurring revenues and enhanced customer service.
"Whilst we continue to closely monitor macroeconomic events, we are excited about the opportunities building in our markets and the promising sales pipeline for the new financial year. We look forward to providing further updates on our progress in due course."
Operational advancements include the expansion of the US headquarters for Grosvenor Technology, Newmark’s People and Data Management division, to a larger facility in Florida. This move, Newmark said, supports the company's strategy to transition into a 'hardware-enabled software and services' business, further evidenced by growing customer subscriptions.
The Physical Security Solutions division, Safetell, also showcased strong performance with significant revenue growth and strategic expansions into new markets like retail and critical public services.
Newmark's financial stability was underscored by a £1 million decrease in net banking debt to £2.0 million and an improved inventory management system that eased supply chain pressures.