Croma Security reports solid momentum in new financial year

(Sharecast News) - Croma Security Solutions said in an update on Wednesday that it has achieved 6.3% like-for-like growth and maintained a robust balance sheet, with no debt and £4.1m in cash as of 30 November. The AIM-traded firm, which was holding its annual general meeting, said an additional £2.9m was expected from the disposal of its Vigilant division.

Pending shareholder approval at the meeting, a final dividend of 2.3p per share would be paid on 18 December.

Croma said it was poised to benefit from the upcoming introduction of 'Martyn's Law' (Terrorism Protection of Premises Bill), legislation designed to enhance safety at public venues and events.

Named in memory of Martyn Hett, a victim of the 2017 Manchester Arena attack, the legislation had driven significant inquiries from businesses seeking guidance on compliance with anticipated safety protocols.

Trading in the current financial year had been positive and in line with expectations, the board said, with organic growth across key sectors, including education, utilities, health, and leisure.

Demand continued for both traditional security services and advanced integrated solutions, reflecting heightened awareness of security risks.

The company said it was advancing its expansion strategy by acquiring profitable locksmith stores, which were being transformed into security centres.

That, the board said, would enhance its revenue and customer base, further strengthening its position as a leader in the UK security market.

At 1241 GMT, shares in Croma Security Solutions Group were up 9.64% at 91p.

Reporting by Josh White for Sharecast.com.