Croma sees decent uplift in demand for services

4th Sep 2018 14:01

(Sharecast News) - Croma Security Solutions Group announced on Tuesday that the financial year ended 30 June was a "successful" trading period, generating record profits ahead of the previous financial year.The AIM-traded company said increased demand across the UK for premium security services from both the public and private sector, driven by concerns over public safety, government outsourcing and heightened terrorism threats, had benefited the group.It said those factors supported its two principal divisions - Croma Vigilant and Croma Systems - in securing a series of new contracts.Croma Vigilant, which employed more than 1,200 security professionals to guard assets and individuals, experienced a "significant increase" in demand, as the board said clients recognised the importance of protecting their assets.Meanwhile, Croma Systems - provider of a range of security technology services including CCTV, intruder alarms, FastVein biometrics and high-security locks, also benefited from a general uplift in demand across its business activities.As a result, the company said it expected to report EBITDA of no less than £2.4m for the year ended 30 June, up from £0.8m for the prior year."CSSG offer a premium security service, the appeal of which has increased as customers recognise that to ensure their security, they require expertise and experience," said board chairman Sebastian Morley."Our group has both qualities which when also combined with our range of security technology services makes for a compelling offer."While the group has benefited from a significant proportion of one off contracts there has also been a rise in long-term contracted revenues which points to a step change in the ongoing profitability of the business."