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Newmark Security PLC (LSE:NWT) has reported a return to profitability in its most recent financial year, with improvements in both revenues and margins. The company’s latest results reflect a significant turnaround, driven by advancements in its data security and workforce monitoring sectors.
Maurice Dwek, Chairman of Newmark Security, highlighted the positive impact of the GT Connect platform on the company’s growth strategy. GT Connect has been instrumental in acquiring new customer subscriptions, contributing to a 28% increase in annual recurring revenues within the Human Capital Management (HCM) sector. Additionally, Newmark Security is preparing to launch GT Time in partnership with Oracle. This new product is designed to target the Direct to Enterprise market and enhance data security and compliance efforts.
For the fiscal year ending April 30, 2024, revenues across the data security, workforce monitoring, door entry, and safety glass segments increased by 10%, reaching £22.3 million. Pretax profits improved significantly to £388,000, reversing the previous year's loss of £64,000. This recovery was supported by a 50% rise in underlying profit, totaling £2.2 million. The company also reported an increase in cash generated, rising to £2.8 million from £1.7 million the previous year, which helped reduce net debt (excluding leases) to £2.0 million.
Dwek also noted the strong performance of Safetell, the business unit specializing in safety glass. Safetell saw a 51% growth in revenues from service and maintenance in the UK auto-door servicing market, secured new clients in the retail and public service sectors, and achieved a 74% increase in the Entrance Control market.
Looking ahead, Newmark Security enters the new financial year with a robust pipeline of business opportunities and a positive outlook for continued growth.
