Newmark Security PLC (LON:NWT) has said it is “confident that there will be medium to long-term growth” in its core markets as it delivered its full-year results.
In an outlook statement, the security systems provider said it is continuing to “build a greater proportion of recurring revenues” in its People and Data Management division, while its physical security solutions business is continuing to benefit from a restructuring last year and an increase in its product range.
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Newmark also said that its leadership team had “identified new markets and customers” amid increasing crime rates and the continued threat of terrorism which it said will “firmly position” its Safetell business for future.
In its figures for the year ended April 30, 2020, the company reported an operating profit after exceptional items of £305,000, up from £286,000 in 2019, while revenues decreased 4% to £18.77mln. The firm also received an £896,000 tax credit during the year, which boosted its after-tax profit to £1.12mln from £189,000 last year.
Revenues in Newwark’s human capital management business increased by 32% in the year, while its access control arm grew 4%. The growth was offset by a 37% decline in revenues from the physical security solutions arm as the result of an expected reduction on the firm’s Post Office Network transformation project, although the division’s product portfolio had improved following restructuring.
"Whilst the current year results will be adversely affected by [coronavirus], I remain confident that there will be medium to long-term growth in both our divisions' core markets”, Newmark chairman Maurice Dwek said in the results statement.