Newmark Security PLC (AIM:NWT) said it is going from 'strength to strength' after a swing back into profit in its latest twelve months as revenues and margins both improved.
Maurice Dwek, chairman, said: "Whilst there have been numerous successes during the year, the impact of GT Connect continues to be a driving force in HCM's [data security] growth strategy, delivering new customer subscriptions and 28% growth in annual recurring revenues.
“Building on this, we are pleased to confirm the pending launch of GT Time in partnership with Oracle, a dedicated product to target the Direct to Enterprise market and the expansion of data security and compliance.
Revenues in the data security, workforce monitoring (HCM), door entry and safety glass business rose 10% to £22.3 million in the year to 30 April 2024.
Pretax profits were £388,000 compared to a prior year's loss of £64,000 helped by a 50% rise in underlying profit to £2.2 million.
Cash generated also rose to £2.8 million (2023: £1.7 million) reducing net debt excluding leases at the year-end to £2.0 million.
Dwek added: "Safetell [business safety glass] also delivered an impressive performance, which included growing its revenues from service and maintenance work in the UK auto-door servicing market by 51%, signing new customers across retail and critical public services and delivering 74% growth in the Entrance Control market."
"We have entered the new financial year with confidence and an exciting pipeline of new business opportunities.”