Newmark Security eyes forecast busting full-year

20th Jan 2014 07:32

- Expects full-year to be substantially ahead of forecasts- Results boosted by orders received earlier than expected- Impairment costs related to cash in transit box operations Newmark Security, which provides electronic and physical security systems, said it expects full year revenues to be substantially ahead of market expectations after orders were received earlier than expected.The group explained that while orders, particularly from the Post Office, were recieved earlier than anticipated, it was previously considered that over the full year results would have remained broadly in line with budget. "However, recent further orders from the Post Office, the finalisation of a substantial one-off contract for a foreign embassy together with a healthy order book, mean the Board is confident that full year revenues will be substantially ahead of market expectations," Newmark said in a company statement.Newmark also said it has carried out a review of development costs relating to the cash in transit box and now anticipates impairing the remaining £0.8m of costs in the half year accounts. "The trials of our cash in transit box were successful and our client was impressed with its reliability and ergonomic design. However, due to their budget cuts, it is unlikely that any substantial order would be received from them in the near future, it explained. "Furthermore, with developments from our competitors and the earlier than anticipated introduction of polymer notes in the UK requiring further development work, the board has taken the decision to write off these costs. The group will, however, continue to market our box through existing and new customers."CJ