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