Newmark Security boosts revenue outlook on successful first half

Newmark Security PLC on Monday said it expected higher revenue following a "positive start" to the year.

The London-based security technology and workforce management solutions provider said human capital management annualised recurring revenue rose 13% for the six months ended October 31 to £4.3 million from £3.8 million the previous year.

Underlying annualised recurring revenue, adjusted for the phasing out of the short-term Mexican services contract, was up 26%.

It explained performance was primarily driven by its workforce management solution GT Tablet.

Following the results, the company said it expects a year-on-year increase in revenue for the six-month period to October 31 in its core human capital management business, but noted revenue generation is expected to be weighted to the second half of the year.

Chief Executive Officer Marie-Claire Dwek said: "We have made an encouraging start to the year as we continue to successfully execute our strategy.

"Following the recent disposal of Safetell and the sale process of Access Control having commenced, we are now firmly focused on HCM and realising our sales pipeline and the growth opportunities we see ahead."

Shares in Newmark Security were up 3.5% to 104.00 pence on Monday afternoon in London.

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