Newmark Security plunges after profit warning

6th Jul 2016 11:50

(ShareCast News) - Shares in Newmark Security have dumped more than a third as investors punished the security systems specialist after a profit warning.The company said trading conditions had become increasingly difficult, adding budgeted operating profit for the current year was expected to be significantly less than full-year 2016.It expected to maintain the dividend at the time of the final results, which were due August.At 11:47 BST, shares in Newmark were down 35.71% to 1.8p.Chief executive Marie-Claire Dwek said moving into exciting new markets inevitably came with challenges."Though there have been setbacks over the past year in converting our pipeline into sales, I am confident that we are well-positioned to deliver the progress which we anticipate, with a host of new product launches to look forward to," Dwek said."Our strong investment in major new technology foundations and products looks set to spur growing revenues over the coming financial years, as we continue to deliver the solutions of tomorrow."