Croma Security stock climbs as it celebrates "another year of growth"

Croma Security Solutions Group PLC on Monday said it expects to report increased revenue ahead of market guidance, despite "continuing macroeconomic uncertainty".

In response, its shares were 6.6% higher at 73.00 pence on Monday afternoon in London.

The Whiteley, England-based security services provider said that for the year ended June 30, it expects to report approximately £11.0 million in total revenue, up by around 15% from £9.6 million for the previous year. This is "slightly ahead of market expectations," Croma said.

Croma also anticipates £1 million in earnings before interest, tax, depreciation and amortisation, down from £1.1 million due to "planned increased investment" but still "marginally ahead of expectations".

Croma said this performance reflects contributions from its acquisitions of TLS Security Systems and Southern Security Services Ltd in the second half, while the revenue growth was "driven by healthy demand from both retail and commercial customers."

"Existing and new clients continued to invest in maintaining and enhancing their security infrastructure, supported by increasing regulatory requirements and a continued focus on protecting people, property and assets," the firm said.

Croma said its balance sheet is "robust" with cash of £4.9 million at June 30, up from £4.4 million at December 31.

"Despite continuing macroeconomic uncertainty, the group has delivered another year of growth," commented Chief Executive Officer Roberto Fiorentino. "We have continued to strengthen our position across our core markets, particularly within the healthcare and leisure sectors, while successfully integrating our latest acquisitions and expanding our national network."

Croma also noted its receipt in June of a final £440,064 payment to complete its £6.5 million disposal of Vigilant Security Ltd. It said the proceeds have allowed it to focus on its higher-margin Croma Locksmiths and Croma Security Systems businesses, while funding the acquisitive growth of its national security centre network.

"Since the disposal, the group has merged two sites resulting in synergistic benefits; and acquired 6 locksmith businesses," Croma noted.

Looking ahead, Croma said it remains focused on acquiring well-established locksmith and security businesses at attractive valuations.

It has "a healthy pipeline of acquisition opportunities" and is "actively progressing a number of discussions," it added.

"Receiving the final payment from the sale of Vigilant marks the successful completion of a transaction that has transformed the group's strategic focus," Fiorentino commented. "Today, Croma is financially stronger than at any point in its history, with a debt-free balance sheet, growing cash resources and an attractive platform for further expansion.

"We believe this positions the group as an excellent long-term home for high-quality independent locksmith businesses looking to benefit from being part of a larger organisation."

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