REG - Croma Sec. Sol. Grp - Trading Statement

Croma Security SolutionsAnnouncement

29/01/2024 07:00

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RNS Number : 1119B  Croma Security Solutions Group PLC  29 January 2024

29 January 2024

Croma Security Solutions Group Plc

 
("CSSG", "Croma", "the "Company" or the "Group")

Trading Statement and NHS Trust Contract Renewal

Croma Security Solutions Group plc (AIM:CSSG) is pleased to announce the
following positive update on trading for the six months to 31 December 2023,
as well as a three year NHS Trust contract renewal.

The Company has delivered a solid first half performance and is expecting to
report in line with management expectations with revenue of £4.28 million
(HY22: £3.77 million excludes non-continuing businesses) an increase of 13.5%
on the equivalent period last year.

Following a competitive tender process, Croma was re-awarded a three-year
maintenance contract by an NHS Trust to cover the security needs of their
hospitals. This is one of a number of health sector clients for Croma where we
have achieved a high level of service and client specific understanding making
Croma a very competitive provider of security services in this sector.

As announced on 8 January, 2024 began positively with the acquisitions of two
profitable locksmith businesses, for a combined cash consideration
of £438,000 which includes a freehold property valued at £0.35 million.
The two locksmith businesses have a combined annual turnover of £0.5
million and operate from Peterborough and Worthing, extending the number and
geography of the Group's existing network. The two business are integrating
well into the Group, bringing the total number of Croma stores to 16.

The acquisitions are part of the Group's ambitions to roll out its security
centre network nationwide utilising the Group existing cash resources and
future receipts from the sale of Vigilant. There are further acquisition
opportunities under consideration by the management team with the potential to
transform more traditional locksmiths into modern security centres with
stronger in-store product ranges and much greater profit potential.

The Company expects to report its interim results for the six months ended to
31 December 2023 in March 2024.

Roberto Fiorentino, Chief Executive Officer, commented: "The Croma Group
continues to progress well, delivering a good sales performance in the first
six month of our financial year despite the turbulent economic landscape and
downturn experienced by so many business sectors. It is also encouraging to
have already secured two additional locksmith stores in the second half of the
year. Furthermore, the retention of the NHS contract reflects well on our
business and the services we have delivered to date, and I am looking forward
to continuing our relationship with the hospitals. Our strategy continues to
deliver, and I am confident that our interim results will bring further proof
of this."

 

 

For further information visit www.cssgplc.com or contact:

 

Croma Security Solutions Group Plc
                             Tel: +44 44 (0)1489 566 166

Roberto Fiorentino, CEO

Teo Andreeva, CFO

 

WH Ireland Limited
                                              Tel: +44
(0)207 220 1666

(Nominated Adviser and Broker)

Mike Coe

Sarah Mather

 

Novella
 
             Tel: +44 (0)203 151 7008

Tim Robertson

Claire de Groot

Safia Colebrook

 

 

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