REG - Croma Sec. Sol. Grp - Final Results
04/11/2024 07:00
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RNS Number : 7101K Croma Security Solutions Group PLC 04 November 2024
Croma Security Solutions Group PLC
("CSSG", "Croma", the "Company", or the "Group")
Final Results
Croma (AIM:CSSG), the AIM listed innovation and service-focused security
solutions provider, is pleased to announce its final results for the twelve
months to 30 June 2024 ("FY24" or the "Year").
Group Highlights
· Group revenue for the Period of £8.74 million, up 8.9% (FY 23:
£8.03 million)
· First year of new business operating under new strategy has
delivered, with revenues up on a like for like basis by 6.3%
· EBITDA on continuing operations of £1.06 million (FY23: £0.95
million) up 12%
· EBITDA margin on continuing operations of 12.1 %, (FY23:11.6%)
· Acquired two locksmith businesses in Peterborough and Worthing with
revenues of £0.21 million, taking total number of Croma security centres to
16
· Strong balance sheet with cash and cash equivalents of £2.14
million (FY23: £2.14 million) and on 6 July 2024, a further £1.76 million
including interest was received in relation to the sale of Vigilant and a
further £0.45 million in September 2024.
· Proposed final dividend of 2.3 p per share (FY2023: 2.2 p)
Outlook
· FY25 trading has started well with good demand from commercial
customers and consumers looking to increase their security, underlined by
recent events over the summer
· To date, the Company has received £3.6m of the £6.5m of proceeds
from the Vigilant sale with the balance due over the next 7 quarters
· Strong acquisition pipeline and ambition to acquire 3-5 security
centres per year, with a ROI target per annum on each store acquired of at
least 15%
Croma Chairman, Jo Haigh commented:
"We have had a very successful twelve months, focusing on driving the Croma
Locksmiths business and Fire and Security business forward through delivering
high levels of innovation and service as well as seeking to increase our share
of customer spend with a broader range of security services. We have
considerable financial resources, and our acquisition pipeline is extremely
promising. We therefore have a significant opportunity to add value to
acquired business given our expertise and experience. I have no doubt that
the next twelve months will be pivotal in further transforming the Group into
an established and trusted name in security solutions.
I would like to take this opportunity to thank Roberto and his team for their
dedication and hard work over the last year."
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
Chairman's Statement
The 12 months to the 30 June 2024 marks the end of my first financial year as
non-executive Chairman of Croma, as well as the completion of the first year
of operating the business under our 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.
I am delighted to say that it has been a successful trading year for the
business as we have delivered on management expectations, repositioned the
Company following the successful disposal of the lower margin man guarding
Vigilant division for a total consideration of £6.5 million plus intercompany
balances of just over £1 million, and expanded our network of security
centres.
Our priority is to continue our good progress and create significant further
value for our shareholders, through:
· Pursuing a strategy of reinvesting the proceeds from the sale of
Vigilant into generating a higher return by growing Croma into a national
security brand;
· This will be achieved primarily through an acquisition-led
roll-out of the Group's security centre network;
· The Board aim to acquire modestly valued, independent locksmith
stores, and add value by converting them to security centres with a broader
product range, securing cost savings and thus delivering significantly greater
earnings potential;
· The acquisition and conversion model is well-established with a
good pipeline of opportunities ahead and an annual ROI target of at least 15%.
The civil unrest which has dominated news headlines over the summer, while
extremely undesirable, served as a reminder to all of the importance of good
security for individuals, their homes and their businesses. Criminality is
constantly evolving and so, therefore, must security. Technology is critical
to keeping pace with change and it is a key driver to our ambition to
establish a nationwide security brand. Currently, there is no such national
security brand in the UK.
In the 12-month period under review, we acquired two locksmith businesses in
Peterborough and Worthing, with a combined revenue of £0.21 million since 2
January 2024, taking our total number of Croma security centres to 16. Both
acquisitions have bedded down well and are performing according to plan. We
have a strong pipeline to support our aim of acquiring 3-5 additional
locksmith businesses to our network per annum. We are confident of achieving
this target and as the Group currently has a strong cash position and no
borrowings, we are well-placed to fund the Group's expansion.
I am pleased to report that the Group will maintain the same level of ESG
disclosure reporting as begun in the past year. This is despite our
requirements significantly reducing following the sale of Vigilant. We
continue to monitor our greenhouse gas emissions, energy consumption and
energy efficiency actions closely.
Trading in FY25 has begun well and I am hopeful we can complete further
acquisitions in the coming months. Demand from consumer and commercial
customers is steady and perhaps underpinned by a sense of the need for good
security given the summer unrest. Overall, Croma is in a very strong financial
position, backed by a solid asset base with no bank borrowings, and a clear
and proven strategy to expand our UK security network.
The Board is pleased to recommend a final dividend to shareholders of 2.3p per
share and subject to approval at the Annual General Meeting to be held on 4
December 2024, the final dividend 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.
J Haigh - Chairman
1 November 2024
CEO'S Statement and Operational Review
I am pleased to present the Group's FY24 results. This was a good trading
period and represents the successful completion of our first year following
the sale of Vigilant and the transition of the Group to being focused on the
higher margin Croma Locksmiths and Croma Fire and Security divisions.
Revenue in FY24 increased by 8.9% to £8.74 million (FY23: £8.03 million)
with consistently solid growth across both of our business divisions. The
underlying business performance was strong, with EBITDA for the Group 11% up
to £1.06 million (FY23: £0.95 million). We have maintained the EBITDA margin
at 12%. The Group have ended FY24 with a strong cash position of £2.14
million (FY23: £2.14 million). Our financial strength has since been enhanced
by further payments from Vigilant of £1.76 million at the beginning of July
2024 and a further payment of £0.45 million on 30 September 2024.
From an operational perspective, the business has developed well during the
course of FY24 through key new business wins with the likes of NHS Trust
security contracts, the addition of new security technology such as AJAX
systems and the expansion of our security centre network.
Acquisition led growth strategy
Our strategy to expand our Locksmiths business is founded on our ability to
acquire modestly valued locksmiths retail stores and transform them into
modern security centres. We are able to deliver material sales synergies
between our two businesses as outlined above, as well as within our network of
locksmiths, where an expanded product range across a wider network can provide
innovation and an enhanced range of client solutions. These cross-selling
opportunities, coupled with central cost synergies and shared expertise mean
that returns are typically improved, and we aim for a minimum ROI on
acquisitions of 15% per annum.
There is no shortage of potential acquisitions. Whilst there are 6,500
Locksmiths in the UK, many of them are sole traders from home and we are
focused on the independent retail locksmith stores in the UK. The market is
highly fragmented, and made up largely of small, family-run operations. Using
a strict criteria and our decades of industry experience, we have collected an
attractive pipeline of opportunities. This pipeline is researched on a
frequent basis and is larger than at the beginning of FY24, therefore our
focus is now on converting these opportunities.
Our target is to complete 3-5 acquisitions per annum. We are seeking to
acquire independent stores operating on low single digit EBITDA margins.
Through transforming them into modern security centres with a significantly
broadened product range and Croma's inbuilt advantages in terms of software,
central purchasing and cost duplication elimination, the Group is aiming to
lift these EBITDA margins to those currently achieved by the Group.
In our opinion, Croma is now more than ever ideally positioned to develop its
profile and brand as a leading nationwide UK security business.
Roberto Fiorentino - CEO
1 November 2024
Financial and Operational Review
The Directors present the Group Strategic Report for Croma Security Solutions
Group plc and its subsidiary companies for the year ended 30 June 2024.
Group sales were up 8.9% to £8.74 million, (FY23 £8.03 million), reflecting
acquisitions made during the year as well as strong organic growth within the
core businesses of 6.3%.
Gross margins on continuing businesses marginally reduced by 0.9% to 45.8%
(FY23: 46.7%). EBITDA on the trading businesses before central costs for the
Period was £1.73 million (FY23: £1.60 million), an increase of 8%. Adjusting
for central Group overheads, EBITDA was up 11.6% at £1.06 million (FY23:
£0.95 million).
Group net profit from continuing operations for the year was £0.54 million
(FY23: £0.17 million) and EPS from continuing operations was 3.95p (FY23:
1.11p).
Over the year, we invested £0.07 million on acquisitions of two locksmith
centres and one freehold property in Peterborough for £0.36 million. These
investments reflect our long-term belief in the prospects of our security
centre network.
The solid underlying cash generation enabled us to end the year ungeared, with
cash and cash equivalents of £2.14 million (FY23: £2.14 million). A further
£1.76 million due from Vigilant was received at the beginning of July 2024,
bringing our cash balances to over £4 million as per the publication date of
these accounts, despite the further investments in acquisitions and capital
expenditure. Our cash position and no bank debt allows us to continue our
stated strategy of acquiring locksmiths and building out our security centres
network where there is scope to enhance the offering and deliver synergies.
Croma Locksmiths
The Croma Locksmiths business delivers one-stop-shop security solutions to
both commercial and residential customers and now comprises 16 security
centres across the UK.
The division recorded a good trading period with sales up 8.5% to £5.10
million (FY23: £4.70 million), while EBITDA of £1 million was up 3.2% from
£0.97 million.
The security centres are all former locksmith stores and have been converted
into a network servicing not only local communities but also national
accounts. Larger commercial customers within this division encompass a broad
spread of industries including Travel, Utilities, Housing Associations and
Student Housing, Healthcare and Defence.
The individual security centres generally have very loyal customer bases and
good recurring revenues. This is partly due to locks being a very reliable
product with very low fail rates which tends to build customer trust.
Alongside this, providing master key services, a significant source of
revenue, requires long-term support as changing a master key set-up is costly
and time consuming. This enables the centres to build long-term relationships
with commercial customers and enjoy repeat custom.
In the student housing market, sales of the innovative mobile phone powered
door lock called ILOQ, continue to grow and the pipeline for the current year
looks promising. Croma is the preferred supplier of ILOQ in the UK and it is
an excellent example of a modern technology solution improving security.
Building on the strong relationships and customer confidence in the security
centres, the Group seeks to introduce to these customers additional services
provided by the Fire and Security business. Importantly, spend on locksmithing
services usually forms a small part of any overall corporate security budget,
typically 10% - 20%, so there is a much bigger potential share of the
locksmith customer wallet to tap into for our Fire and Security business.
Croma Fire and Security
Croma Fire and Security provides a full range of electronic security solutions
and services to commercial and individual customers and has strong commercial
relationships across the public health and hospitality sectors.
Croma Fire and Security recorded sales for the Period of £3.80 million (FY23:
£3.48 million) up 9.2%. EBITDA for the period was up 16% to £0.73 million
(FY23: £0.63 million).
Operating out of Southampton and Bury (Manchester), an experienced team of
specialist engineers supports a range of commercial and domestic customers.
This business also boasts a loyal base of clients. In the Entertainment
sector, Croma has long-standing relationships and a constant flow of work
across a national network of entertainment venues. The healthcare sector is
also key for the business, with both existing and new customers. A key win
during the year was securing an access control upgrade order worth £0.4
million. Alongside this, we successfully retained an additional three-year NHS
Trust contract. The healthcare sector is a key area of future opportunity
which we hope to develop alongside the Group's geographical expansion.
Technology is at the forefront for innovators in this market. Today, the
majority of alarm systems continue to focus on internal activation, whereas
Croma's solutions focus on a combination of externally and internally
activated alarms, thereby seeking to prevent threats from even entering a
property. In September 2023, Croma became an approved agent of the
market-leading AJAX systems. Fast to install, providing accurate external
sensors able to differentiate between a human and another objects, and
operating from a single app - this system represents a strong driver of future
revenues.
In May 2024, the Company entered into new a partnership with bSafe Group to
bring to the UK market the Croma bSafe personal security App. Already a
success in its domestic market, Norway, as well as in the US, the personal
protection App offers round-the-clock protection and voice activated
technology, a market-first security solution available to the UK public.
Proceeds from Vigilant sale
In June 2023, the Group sold its manned guarding business Vigilant for £6.5
million, in order to focus on the Group's core businesses, Croma Locksmiths
and Croma Fire & Security. The proceeds from the Vigilant sale are
staggered over 10 quarterly instalments from 31 March 2024. By 30 June 2024
the Company had received £1.5 million as part of the consideration for the
sale. The 30 June 2024 payment for £1.7 million arrived in the first week of
July 2024, and then at the end of September 2024 a further £0.43 million was
received.
As of the date of these accounts, from the total £6.5 million consideration,
£3.6 million has been received with a further £2.9 million to be received
over the next 7 quarters.
Group financials FY2024 FY2023
Continuing operations Continuing operations
(as restated)
Revenue £8,737k £8,025k
Gross profit £3,999k £3,749k
Gross margin % 45.8% 46.7%
Administrative expenses £3,395k £3,325k
EBITDA £1,061k £954k
Operating profit £607k £427k
Profit for the year from continuing operations £543k £166k
Earnings per share from continuing operations 3.95p 1.11p
Net assets £15,224k £15,151k
Cash generated from operations £723k £1,274k
Cash and cash equivalents £2,142k £2,144k
Dividends per share in relation to the year 2.3p 2.2p
Croma Locksmiths Croma Fire & Security Group Total
£000s £000s £000s £000s
EBITDA 999 728 (666) 1,061
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 2024
Notes 2024 2023
(as restated)
£000s £000s £000s £000s
Revenue 8,737 8,025
Cost of sales (4,738) (4,276)
Gross profit 3,999 3,749
Administrative expenses (3,395) (3,325)
Other operating income 3 3
Operating profit 607 427
Analysed as:
Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,061 954
Amortisation of intangible assets (62) (60)
Depreciation (392) (467)
607 427
Financial expenses (27) (24)
Interest receivable 217 -
Profit before tax 797 403
Tax 5 (254) (237)
Profit for the year from continuing operations 543 166
Discontinued operations
Profit after tax for the year from discontinued operations - 3,534
Profit after tax and total other comprehensive income 543 3,700
Earnings per share
Basic and diluted earnings per share (pence) from 6 3.95 1.11
continuing operations
Basic and diluted earnings per share (pence) from 6 - 23.71
discontinued operations
CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED JUNE 2024
2024 2023
£000s £000s
Assets
Non-current assets
Goodwill 5,042 5,042
Other intangible assets 85 147
Property, plant and equipment 2,576 1,950
Right-of-use assets 552 656
Other receivables 1,651 3,122
9,906 10,917
Current assets
Inventories 1,203 1,106
Trade and other receivables 4,818 3,551
Cash and cash equivalents 2,142 2,144
8,163 6,801
Total assets 18,069 17,718
Liabilities
Current liabilities
Trade and other payables (1,876) (1,564)
Lease liabilities (114) (114)
(1,990) (1,678)
Non-current liabilities
Provisions (161) (190)
Deferred tax (217) (154)
Lease liabilities (477) (545)
(855) (889)
Total liabilities (2,845) (2,567)
Net assets 15,224 15,151
Issued capital and reserves attributable to owners of the parent
Share capital 794 794
Treasury shares (946) (778)
Share premium 6,133 6,133
Merger reserves 2,139 2,139
Capital redemption reserve 51 51
Retained earnings 7,053 6,812
Total equity 15,224 15,151
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 2024
2024 2023
£000s £000s
Cash flows from operating activities
Profit before taxation 797 3,937
Depreciation, amortisation and impairment losses 454 527
(Profit) on sale of discontinued operations - (3,069)
Loss on sale of property, plant and equipment - 1
Net changes in working capital (136) (78)
Interest payable 27 24
Interest receivable (217) -
Corporation tax paid (202) (68)
Net cash generated from operations 723 1,274
Cash flows from investing activities
Purchase of businesses net of cash acquired (73) (1,226)
Purchase of property, plant and equipment (793) (411)
Proceeds on disposal of discontinued operations 538 669
Proceeds on disposal of property, plant and equipment - -
Net cash used in investing activities (328) (968)
Cash flows from financing activities
Payments to reduce lease liabilities (117) (374)
Treasury shares acquired (168) -
Financial income (net) 190 -
Increase/(decrease) in borrowings - (31)
Dividends paid (302) (313)
Net cash used in financing activities (397) (718)
Net (decrease) in cash and cash equivalents (2) (412)
Cash and cash equivalents at beginning of period 2,144 2,556
Cash and cash equivalents at end of period 2,142 2,144
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 2024
Attributable to owners of parent Share capital Capital redemption reserve Treasury shares Share premium Merger reserve Retained earnings Total equity
£000s £000s £000s £000s £000s £000s £000s
At 1 July 2022 794 51 (399) 6,133 2,139 3,425 12,143
Treasury shares acquired - - (379) - - - (379)
Profit for the year - - - - - 3,700 3,700
Dividends paid - - - - - (313) (313)
At 30th June 2023 794 51 (778) 6,133 2,139 6,812 15,151
Treasury shares acquired - - (168) - - - (168)
Profit for the year - - - - - 543 543
Dividends paid - - - - - (302) (302)
At 30th June 2024 794 51 (946) 6,133 2,139 7,053 15,224
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 2024
1. Basis of preparation
The Group financial statements have been prepared under the historical cost
convention and approved by the Directors in accordance with UK-adopted
international accounting standards.
While the financial information included in this preliminary announcement has
been computed in accordance with Adopted IFRSs, this announcement does not
itself contain sufficient information to comply with Adopted IFRSs.
This announcement does not constitute statutory accounts of the Group for the
years ended 30 June 2023 or 30 June 2024.
The financial information has been extracted from the statutory accounts of
the Company for the year ended 30 June 2024. The auditors reported on those
accounts; their reports were unqualified and did not include references to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report and did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006.
The accounts for the year ended 30 June 2023 have been delivered to the
Registrar of Companies, whereas those for the year ended 30 June 2024 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.
The Annual Report will be posted to all shareholders who have requested a copy
on shortly and will be available on request from Unit 7 & 8 Fulcrum 4,
Solent Way, Whiteley, Hampshire PO15 7FT and on the Company website at
http://www.cssgplc.com/investors/. The Annual Report contains full details of
the principal accounting policies adopted in the preparation of these
financial statements.
2. Accounting policies
The accounting policies applied by the Group in this report are the same as
those applied by the Group in the consolidated financial statements for the
year ended 30 June 2024 and the year ended 30 June 2023. The directors expect
similar accounting policies for the year ended 30 June 2025.
3. Segmental reporting Croma Vigilant (Guarding) Croma Fire and Security Croma Locksmiths (Locks) Central Total
£000s £000s £000s £000s £000s
2024 Business Segments
Segment revenues - 3,799 5,095 - 8,894
Inter-segment revenue - (81) (76) - (157)
Revenue from external customers - 3,718 5,019 - 8,737
Gross profit - 1,998 2,072 - 4,070
Administrative expenses - (1,270) (1,076) (666) (3,012)
Amortisation - - (60) (2) (62)
Depreciation - (174) (218) - (392)
Other operating income - - 3 - 3
Operating profit/(loss) before impairment - 554 721 (668) 607
Profit/(loss) on disposal - - - - -
Operating profit/(loss) before impairment - 554 721 (668) 607
EBITDA - 728 999 (666) 1,061
Segment assets - 2,740 6,037 9,292 18,069
Segment (liabilities) - (1,003) (1,131) (711) (2,845)
Segment net assets - 1,737 4,906 8,580 15,224
Additions to non-current assets - 239 668 7 914
Croma Vigilant (Guarding) Croma Fire and Security Croma Locksmiths (Locks) Central Total
(as restated) (as restated) (as restated) (as restated) (as restated)
£000s £000s £000s £000s £000s
2023 Business Segments
Segment revenues - 3,480 4,696 - 8,176
Inter-segment revenue - (118) (33) - (151)
Revenue from external customers - 3,362 4,663 - 8,025
Gross profit - 1,683 2,007 - 3,690
Administrative expenses - (1,057) (1,043) (639) (2,739)
Amortisation - - (60) - (60)
Depreciation - (179) (288) - (467)
Other operating income - - 3 - 3
Operating profit/(loss) before impairment - 447 619 (639) 427
Profit from discontinued operations 465 - - 3,069 3,534
Operating profit/(loss) before impairment 465 447 619 2,430 3,961
EBITDA from continuing operations - 630 970 (646) 954
Segment assets - 2,805 4,201 10,712 17,718
Segment (liabilities) - (1,010) (1,141) (416) (2,567)
Segment net assets - 1,795 3,060 10,296 15,151
Additions to non-current assets - 202 403 - 605
Vigilant is a discontinued operation that was disposed of during the year to
30 June 2023.
4. Expenses 2024 2023
£000s £000s
Amount of inventory expensed as cost of sales 3,387 3,359
Depreciation - owned assets 239 331
Depreciation - right of use assets 153 136
Amortisation 62 60
Auditors' remuneration:
Audit of parent company and consolidated financial information 60 76
5. Taxation 2024 2023
£000s £000s
Analysis of the tax charge in the year
Current year tax charge
UK corporation tax charge on profit for the year 191 200
Adjustments for prior periods - -
Total current tax 191 200
Deferred tax
Current year 63 37
Adjustments for prior periods - -
Total deferred tax 63 37
Tax on profit on ordinary activities 254 237
2024 2023
(as restated)
£000s £000s
Profit before taxation 797 403
Profit multiplied by the standard rate of corporation tax of 25% (2023: 25%) 199 101
Effects of:
Expenses not deductible for tax purposes 55 136
Total tax charge for the year 254 237
6. Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to ordinary shareholders, from continuing operations, divided by
the weighted average number of shares in issue during the year, calculated on
a daily basis.
The calculation of diluted earnings per share is based on the basic earnings
per share adjusted to allow for the issue of shares and the post-tax effect of
dividends and interest on the assumed conversion of all other dilutive options
and other potential ordinary shares.
Continued and discontinued operations 2024 2023
£000s £000s
Numerator
Earnings for the year used in basic and diluted EPS 543 3,700
Denominator
Weighted average number of shares used in basic and diluted EPS (000s) 13,766 14,902
Pence Pence
Basic and diluted earnings per share 3.95 24.83
Continued operations 2024 2023
(as restated)
£000s £000s
Numerator
Earnings for the year on continuing operations and used in basic and diluted 543 166
EPS
Denominator
Weighted average number of shares used in basic and diluted EPS (000s) 13,766 14,902
Pence Pence
Basic and diluted earnings / (loss) per share 3.95 1.11
Discontinued operations 2024 2023
(as restated)
£000s £000s
Numerator
Earnings for the year on discontinuing operations and used in basic and - 3,534
diluted EPS
Denominator
Weighted average number of shares used in basic and diluted EPS (000s) 13,766 14,902
Pence Pence
Basic and diluted earnings / (loss) per share - 23.71
7.Business combinations (acquisitions)
As part of the Groups continuing strategy to expand the network of security
centres, on 2 January 2024 Croma Locksmiths and Security Solutions Limited
acquired a business comprising 100% of the share capital of City Locks
Limited, a business trading out of Peterborough.
The fair value of net assets acquired is set out below: £000s
Purchase consideration (satisfied entirely by cash) 30
Less: The fair value of assets acquired
Property, plant and equipment 43
Inventories 20
Trade and other receivables 16
Cash and cash equivalents -
Add: the fair value of liabilities
Trade and other payables (49)
Goodwill -
-
Transaction costs of 15k relating to the acquisition of City Locks Limited
have been recognised as an expense and included within administrative expenses
in the statement of profit or loss.
City Locks Limited contributed £139k to the Group's revenue and £35k to the
Group's profit before tax for the period from the date of acquisition to the
year-end date. If the acquisition of City Locks Limited had been completed
on the first day of the financial year, this would have added £281k to the
Group's revenue and £56k to the Group's profit before tax.
The book values of the assets and liabilities acquired at the acquisition date
were considered to be approximate of their fair values.
In addition to the above acquisition, on 2 January 24, the Group acquired the
assets and customer relationships of Attle Locksmiths, a partnership operating
out of Worthing for the value of £43,000.
The fair value of net assets acquired is set out below: £000s
Purchase consideration (satisfied entirely by cash) 43
Less: the fair value of assets acquired
Property, plant and equipment 28
Vehicles 1
Inventories 14
Goodwill -
-
Transaction costs of £1k relating to the business purchase of Attle
Locksmiths have been recognised as an expense and included within
administrative expenses in the statement of profit or loss.
This addition contributed £71k to the Group's revenue and £6k to the Group's
profit before tax for the period from the date of acquisition to the year-end
date. If the acquisition of Attle Locksmiths had been completed on the first
day of the financial year, this would have added £142k to the Group's revenue
and £12k to the Group's profit before tax.
The book values of the assets and liabilities acquired at the acquisition date
were considered to be approximate of their fair values.
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. END FR QKDBPFBDDNDKRecent news on Croma Security Solutions
See all newsREG - Croma Sec. Sol. Grp - Director/PDMR Shareholding
AnnouncementREG - Croma Sec. Sol. Grp - Acquisition
AnnouncementREG - Croma Sec. Sol. Grp - Grant of Options
AnnouncementREG - Croma Sec. Sol. Grp - Half-year Report
AnnouncementREG - Croma Sec. Sol. Grp - Notice of Results and Investor Presentations
Announcement