04 December 2024
Croma Security Solutions Group Plc
("CSSG", "Croma", "the "Company" or the "Group")
AGM Statement
Croma Security Solutions Group plc (AIM:CSSG) is holding its Annual General Meeting ("AGM") today at 09.00am.
Successful Year to 30 June 2024 Completed
We were pleased to be able to report a successful performance for the Group, with revenue up 8.9% to £8.74 million, and EBITDA on continuing operations up 13% to £1.06 million. This completed the first year of operating under a new strategy, to refocus on our core businesses - Croma Locksmiths and Croma Fire & Security - and to expand our security centres into a national network through new store acquisitions. To support our growth ambitions, the business has grown successfully on a like for like basis by 6.3% and has a strong balance sheet with no debt and cash of £4.1 million as at 30 November 2024 with a further £2.9 million due from the disposal of Vigilant.
Subject to approval by shareholders at today's AGM, a final dividend of 2.3 pence per share will be paid on 18 December 2024 to all shareholders on the register at the close of business on 6 December 2024. The shares will be marked ex-dividend on 5 December 2024.
Martyn's Law
The UK government is preparing to introduce Martyn's Law (Terrorism Protection of Premises Bill) to Parliament, initiating new levels of safety in relevant public premises and events venues so they are better protected from intrusion or terrorist attacks. The Bill is known as Martyn's Law in honour of Martyn Hett, who died tragically in the Manchester Arena attack in May 2017. For Croma, as one of the UK's leading security systems advisors, the new legislation is driving a high level of new enquiries from owners of premises and venues seeking expert support to comply with the expected safety protocols.
Current Trading on Track
From the outset of the current financial year, trading has been positive and in line with market expectations with good levels of organic growth across our core markets in the education, utilities, health and leisure sectors. Customers are seeking both traditional security services and more complex, integrated solutions reflecting a general demand for greater security in today's risk-conscious environment. In addition, the main driver of growth will continue to be through the expansion of the security centre network. The Company has a good pipeline of opportunities to acquire profitable locksmith stores some of which are close to completion. These stores will be transformed into modern security centres, boosting the Group's revenue and customer base, and adding to the overall network of centres.
For further information visit www.cssgplc.com or contact:
Croma Security Solutions Group Plc Tel: +44 (0)1489 566 166
Roberto Fiorentino, CEO
Teo Andreeva, CFO
Zeus Tel: +44 (0)203 829 5000
(Nominated Adviser and Broker)
Mike Coe
Sarah Mather
Novella Tel: +44 (0)203 151 7008
Tim Robertson
Claire de Groot
Safia Colebrook
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF EU REGULATION NO. 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.