REG - Newmark Security PLC - Final Results
10/09/2024 07:00
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RNS Number : 5029D Newmark Security PLC 10 September 2024
This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.
10 September 2024
Newmark Security plc
("Newmark", the "Company" or the "Group")
Final Results
for the year ended 30 April 2024
Newmark Security plc (AIM: NWT), a leading provider of electronic, software,
and physical security systems and installations is pleased to announce its
audited results for the year ended 30 April 2024 ("FY24").
Group financial highlights:
· Revenue up 10% to £22.3 million (2023: £20.3 million)
· Gross profit margin increased by 0.9% pts to 38.5% (2023: 37.6%)
· EBITDA up 50% to £2.2 million (2023: £1.5 million)
· Operating profit of £0.8 million (2023: £0.3 million)
· Profit after tax of £0.1 million (2023: £0.4 million)
· Earnings per share of 1.4p (2023: 3.8p per share)
· Investments in research and development £0.4 million (2023:
£0.5 million)
· Cash generated from operations £2.8 million (2023: £1.7
million)
· Cash at bank of £1.1 million at year end (2023: £0.6 million)
· Net debt excluding leases of £2.0 million at year end (2023:
£3.3 million)
Business highlights:
Grosvenor
· Continued growth of Human Capital Management ("HCM") division
across US and Rest of World territories with revenue up 7% to £13.5 million.
Increase driven by a combination of rising demand from existing customers and
from three new large client wins
· Human Capital Management ("HCM") annualised recurring revenues*
("ARR") increased by 28% year-on-year to £2.9 million for April 2024,
positively contributing to profit margins
· GT Connect continues to be a driving force in HCM's growth
strategy
· Signed partnership agreement in Q4 with Oracle for our new
Direct-to-Enterprise (D2E) offering, GT Time
· Rapid growth of Janus C4 product helped to balance customer
transition from Sateon Advance and Legacy Janus
· Successful relocation of Grosvenor's US headquarters to larger
facility in Florida
Safetell
· Revenue grew 23% to £5.8 million
· Fulfilled a large order of protection screens for one of the UK's
'big four' supermarket chains
· Rolled out five new ballistic protection systems for a new money
exchange client, with 22 more planned
· Multiple new contracts for auto door maintenance covering
universities, a major convenience retailer and a train station operator
· Grew revenues from service and maintenance with UK auto-door
servicing up 51%
· New sales orders within Entrance Control grew 74% with new
partnerships in construction and direct sales to end-users
Outlook
· The Board is cautiously optimistic on the outlook for the full
year, building on partnerships signed in 2024
· Data security and compliance continues to drive strong market
demand
· Commenced implementation of new five-year business plan to drive
further growth in recurring revenue streams and service offering
*ARR is calculated by annualising revenue recognised in a given month from all
clients on deployed HCM subscription contracts
The FY24 annual report and accounts are available to view on the Company's
website, www.newmarksecurity.com (http://www.newmarksecurity.com) .
Maurice Dwek, Chairman of Newmark, commented:
"The Group went from strength to strength over the course of the year. Both
divisions delivered growth through customer acquisition and increased
recurring revenue streams, leading to improved profitability and cash
generation. At the same time, both divisions continued to develop their
respective products and services platforms to fully cater for the needs of
their customers.
"Whilst there have been numerous successes during the year, the impact of GT
Connect continues to be a driving force in HCM's growth strategy, delivering
new customer subscriptions and 28% growth in ARR. Building on this, we are
pleased to confirm the pending launch of GT Time in partnership with Oracle, a
dedicated product to target the Direct to Enterprise market and the expansion
of data security and compliance.
"Safetell also delivered an impressive performance, which included growing its
revenues from service and maintenance work in the UK auto-door servicing
market by 51%, signing new customers across retail and critical public
services and delivering 74% growth in the Entrance Control market.
"We have entered the new financial year with confidence and an exciting
pipeline of new business opportunities. Having put the Group on a much
stronger footing we have now embarked on a new five-year growth plan. This
will see us continue to build on our platform, further enhance our products
and services and meeting the needs of today's customers. We look forward to
providing further updates on this progress."
Newmark Security plc Tel: +44 (0) 20 7355 0070
Marie-Claire Dwek, Chief Executive Officer www.newmarksecurity.com (http://www.newmarksecurity.com)
Paul Campbell-White, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0) 20 3328 5656
(Nominated Adviser and Broker)
James Reeve / Liz Kirchner / Lauren Wright (Corporate Finance)
Amrit Nahal / Tony Quirke (Sales & Corporate Broking)
About Newmark Security plc
Newmark is a leading provider of electronic, software and physical security
systems and installations that helps organisations protect human capital and
provide safe spaces seamlessly and securely.
From our locations in the UK and US, we operate through subsidiary businesses
positioned in specialist, high-growth markets.
We foster an open and inclusive work environment amongst our c.100 employees,
serving hundreds of blue-chip customers.
Our product portfolio consists of Human Capital Management and Access Control
Systems providing both hardware and software and physical security
installations to various sectors.
Newmark Security plc is admitted to trading on AIM (AIM: NWT).
For more information, please visit: https://newmarksecurity.com/
(https://newmarksecurity.com/)
Safe. Seamless. Secure
CHAIRMAN'S STATEMENT
Overview
The year to 30 April 2024 ("FY24") has been another impressive period for
Newmark, characterised by objectives met and results achieved in each area of
our growth strategy. Strengthened by notable key partnership successes, and
markets that have responded favourably as we launched even more competitive
full-service propositions, our teams have been busy converting this into
measurable success, driving positive revenue growth across every territory,
from North America to the UK, Europe and the Rest of World.
Following previous years' considerable efforts expended in navigating
post-pandemic recovery, global impacts and turbulence in the supply chain, we
are now seeing our resilience and hard work pay-off in the form of a committed
and confident team delivering to a consistent plan that is clearly working.
As our security solutions become ever more relevant and valuable to customers,
our continuously improving results reflect the progress we have made in
serving customers and partners. Our cautious and selective approach translates
into sustainable long-term relationships by targeting and nurturing those who
appreciate the speed and responsive nature of our services, the quality of our
products and the agility with which we are able to shape and adapt our
solutions to precisely meet their needs. This of course has been greatly
improved by our investment in software and systems, most notably our GT
Connect platform that is enabling us to scale with confidence at the pace of
our human capital management (HCM) partners. As they expand and accelerate to
meet their own ambitions, we can respond, elevating our role above other
suppliers and manufacturers to become a trusted partner highly supportive of
their own strategies for growth. As a crucial key to the next stage of our
scaling journey, this approach has already led to important gains in
share-of-wallet, giving us the privilege to serve some of our major global
partnerships exclusively, a position we will work hard to expand and protect
in the months and years to come.
Board and governance
The Board and its Committees continue to maintain a robust governance
framework, supported by an experienced leadership team.
We follow the Quoted Companies Alliance Corporate Governance Code (QCA Code),
and details on how the Company applies the principles of the QCA Code are set
out in our Corporate Governance section in the Annual Report.
Going concern
The Board continues to have a reasonable expectation that the Company and the
Group have adequate resources to continue in operational existence for the
foreseeable future. Following the pandemic, we have driven a robust recovery
by delivering year-on-year growth to return to a healthy cash generative
position. Growing levels of recurring revenues provide increasing stability in
our outlook and, whilst we continue to closely monitor global macroeconomic
events, supply chain issues have eased the pressure to hold additional
inventory of stock and components, further easing cashflow.
We are optimistic that our growth will continue in the next 12 months,
supported by the investments we have made in FY23 and FY24. A full analysis of
the Group's going concern assessment is included in the Directors' Report in
the Annual Report. Accordingly, the directors consider it appropriate to
prepare the accounts on a going concern basis.
Dividend
The Board is not recommending the payment of a dividend for the year ended 30
April 2024 (2023: £Nil).
Outlook
The Group is in good health and performing well. I am delighted with the
focus, optimism and diligence displayed by the team as we continue charting
our progress, expanding our opportunities and accelerating our growth.
In our People and Data Management division, Grosvenor, as we benefit from
important new relationships gained in FY24 we anticipate the year ahead will
deliver further positive gains encouraged by the high quality of our solutions
and increasingly invaluable nature of our services. This has put us in a
compelling position to add holistic value to our partners and become
strategically critical, acting as a trusted enabling partner and supporting
them in a globally ambitious context. Targeting further growth in
subscriptions and recurring revenues will be a natural consequence of our
partner-focused scaling approach.
Our Physical Security Solutions division, Safetell, is also very
well-positioned to make a positive contribution to group margin in FY25, with
enhanced products, services and reference projects that bring confidence to an
exciting pipeline of prospects, whilst pursuing its strategy to prioritise the
development and transition to long-term recurring revenues from auto-door
servicing.
As before, and evidenced by the progress made in FY24, I remain entirely
convinced of the strategy and positive outlook for growth ahead. The Executive
Team and our many talented employees have worked hard to put both divisions in
a strong position in each of their respective markets and this is now showing
in our results, with significant further gains to come. Once again, we are
forecasting revenue growth for the coming year and year-to-date results
indicate that we are on target to achieve this.
On behalf of the Board, I would like to extend my thanks for all the hard work
and dedication shown by our teams in what has been another highly productive
year, outgrowing previous losses and legacy transitions, and out-competing
numerous other suppliers to win more business with our partners. The
broadening array of opportunities this presents us with enables us to drive
forward with great confidence and address an exciting market opportunity. I
look forward to adding 2025 to a series of many successful years ahead.
Maurice Dwek
Chairman
9 September 2024
CHIEF EXECUTIVE OFFICER'S REVIEW
Overview
I am delighted to report on another year of successful growth and am extremely
proud of the way in which it has been achieved by our hard-working team
pursuing a clearly defined strategy with enormous focus and dedication.
Once again, numerous performance gains across the Group were added as the
positive momentum of FY23 continued throughout FY24 in both the People and
Data Management and Physical Security divisions, resulting in healthy
year-on-year revenue growth with improved profitability. This is testament to
the disciplined execution of precise strategies being implemented across both
divisions to drive customer acquisition, growth in recurring revenues and
enhanced customer service.
In a year where we onboarded the largest number of new clients in our history,
we look forward to the opportunities this presents for an even bigger year
ahead, and I am enormously proud and grateful for what our team has
accomplished together.
Performance
Group revenue grew again, increasing by 10% year-on-year to £22.3 million
(2023: £20.3 million) with gross profit also increasing, up 12% to £8.6
million (2023: £7.6 million). This was driven by positive performances in
both divisions.
With HCM sales in FY24 matching last year's success, up by 7% to £13.5
million, Grosvenor again delivered an improved gross margin of 39.7%
contributing a gross profit of £6.5 million (2023: 38.6%, £6.0 million).
Access Control delivered a flat performance at £3.0 million, balancing strong
sales of Janus C4 which increased by 20% to £2.1 million (2023: £1.7
million), whilst managing a migration from our Legacy Janus and Sateon Advance
products. The net effect was to neutralise the migration-related decrease of
3% experienced in 2023, with this upward trend set to continue.
Safetell revenues grew by an impressive 23% to £5.8 million building quickly
on the modest but important growth turnaround achieved in FY23. Benefitting
from consistent execution of its strategy to deploy an enhanced range of
products, product revenues rose by 30% to £3.7 million. Service revenues grew
by 11.5% to £2.1 million, as the business succeeded in positively balancing
strong new business growth with continued decline in demand for legacy rising
screen services in the banking sector.
Safetell also delivered a 0.9% points improvement in gross margin in FY24,
growing to 35.3%, contributing a gross profit of £2.1 million (2023: £1.6
million). Whilst this division is yet to return to full profitability this
result confirmed its upward trajectory. Safetell is set to continue this
growth via scaling up recurring revenues through new servicing contracts,
supplemented by a growing pipeline of high margin installations and the
deployment of identified new products and services.
Financial
The Group's cash at 30 April 2024 was £1.1 million (30 April 2023 cash: £0.6
million). This increase was due to an improvement in operating cashflows
driven by higher revenues and increasing margins, particularly in the second
half of the year.
FY24 cashflows were also helped by an easing of inventory levels following the
building up of positions over the last couple of years to mitigate against the
supply chain challenges which have now eased.
The Group currently has capacity within its UK and US invoice financing
facilities to provide further working capital headroom as the Group continues
to grow. Banking net debt at 30 April 2024 was £2.0 million (30 April 2023:
£3.3 million).
With the oversight of our CFO, Paul Campbell-White, we continue to exercise
strong commercial controls, ensuring that sound financial discipline underpins
our operations, and all investment decisions are aligned with our strategic
goals.
Divisional highlights
People and Data Management division - Grosvenor Technology
The HCM division within Grosvenor delivered solid growth in both the US and
Rest of World territories. This was achieved despite the anticipated ending of
the UKG contract, which stopped contributing to revenues in Q3 FY23. This
growth was driven by winning three new customers earlier in the year, which
contributed to a stronger H2, as well as the cross-selling of new products to
existing customers and several key initiatives aimed at increasing our
share-of-wallet.
Our innovation efforts with GT Connect and the drive to attach services to all
devices, as well as launching an entry-level proposition combining device,
software and services, has produced substantial results creating enhanced
value for our partners and enabling us to become the sole supplier in key
strategic accounts.
Grosvenor's strategy to attach services to all devices is creating a
transformative cumulative effect, accelerating the transition to a
'hardware-enabled software and services' business, underlined by customer
subscriptions growing ARR by 28% to £2.9 million for April 2024 (April 2023:
£2.1 million).
This shift has also enabled the planned launch of GT Time, our new
Direct-to-Enterprise (D2E) offering. This will enable us to target the global
workforce management marketplace by partnering with established technology
leaders operating in this space. Signing a partnership agreement with the
first of these operators, Oracle, in Q4 FY24 is a hugely exciting milestone
that we have carefully planned to explore in FY25.
Recognising the growth opportunity that the US market presents, earlier in the
year Grosvenor successfully relocated its US headquarters to a much larger
facility in Florida, whilst third-party logistics have also been brought
in-house, which has improved the ability to serve customers to a higher
standard and enables more control in servicing customers and their growing
needs.
Physical Security Solutions division - Safetell
Safetell delivered encouraging revenue growth supported by a strong
performance in both halves of the year. The division continues to execute its
strategy to broaden its customer base and grow its revenues from service and
maintenance work in the UK auto-door servicing market. This segment grew by an
impressive 51% during the year, adding important new partnerships and
contracts.
Safetell has also been targeting new sectors such as retail and critical
public services, where there is strong demand for physical security solutions.
At the same time, it has been developing new strategic partnerships and
product lines. In keeping with its strategic plan, Safetell has achieved very
high growth in the Entrance Control market with a 74% increase in new sales
orders, developing new partnerships in construction and direct sales to
end-users. Operationally, it has made important improvements to the processes
of product delivery and installation, which have helped to reduce costs and
therefore improve margins.
Outlook
In an HCM market environment that has been welcoming of our strategy to attach
services and deliver our full-service proposition across a range of price
points, we are excited about the opportunities for building in our markets and
the promising sales pipeline for the year ahead.
We expect a number of important new partnerships, added in FY24, to begin
ramping up orders in FY25 as they win new clients with the addition of our
compelling combined proposition. This is further encouraged by our ability
through GT Connect to empower them to easily and powerfully deliver new
services to their end-users and customers.
Whilst we remain cautious in our approach, excitement is also building to see
how the D2E market responds as we launch our direct proposition, GT Time, in
partnership with Oracle.
With data security and compliance driving strong market demand, this is an
opportunity which we will continue to research and explore, to understand and
map the service expansion opportunities that are possible by delivering
managed compliance and more advanced biometrics-as-a-service.
In Access Control, we continue to balance the transition from Sateon Advance
and Legacy Janus towards the rapid growth of Janus C4, as we push further in
partnership with Gamanet, to launch the new hybrid-cloud Janus C4 Ultra, a
pioneering new product with significant market potential.
As we continue to monitor macroeconomic events closely, the expert systems and
processes used to monitor our supply chain and control inventory will continue
to be managed tightly. This will ensure we maintain our increasing edge in
customer delivery, made easier through our new US location, as well as taking
opportunities to improve stock turnover and cashflow where possible, just as
we did this year.
Equally encouraging prospects exist in Safetell, with key reference projects
delivered in FY24 that we are expecting to leverage and convert into further
growth in FY25. This includes a particular focus on critical infrastructure
hardening projects, driven by a number of external factors, that may have the
potential to drive a network effect.
We will also continue to complete and extend reference projects for a number
of major brands operating nationwide building estates, seeking to upgrade
entrance controls and entrances to the consistently high standards we have
demonstrated and installed with our new range of products.
As already mentioned, building incremental recurring revenues in Door Services
will remain central to our plan, expanding regional and national partnerships
and adding new contracts. This includes reviewing the opportunity to extend
our capability to include the servicing of security shutters, a key component
of many auto-door servicing contracts that we are now beginning to explore.
Strategy
We enter FY25 in great shape, full of confidence that continued focus on our
strategy will sustain our positive performance and help us extend our
leadership in the fast-growing segments in which we operate.
Our focus on converting recurring revenues across both divisions continues,
supported by our investments in services and software that are unlocking these
opportunities at an accelerated rate.
Having already achieved much of what we set out in our original 2021 Growth
Strategy, we enter FY25 having approved a strategic business plan outlining
how we expect to grow over the next five years (the "2029 Strategic Growth
Plan"). The 2029 Strategic Growth Plan includes stretching internal targets
for revenue and EBITDA growth, as well as lowering debt and increasing net
assets.
With many operational improvements now accomplished, an excellent team in
place and a commitment to a set of clearly defined strategies that have
already proven successful in practice, we have returned the business to a
position of strong cash generation. In the immediate near-term, we will seek
to leverage this position wisely and remain undistracted in our focus to
continue driving this growth using the same formula, grateful and appreciative
of the encouragement that investors are giving us.
With the right strategy, the right team and disciplined orchestration, we
continue to execute our plan with great success, energised by our customers
and partners, and are optimistic for our future focused on the many growth
opportunities ahead.
Marie-Claire Dwek
Chief Executive Officer
9 September 2024
OUR DIVISIONS - People and Data Management
Revenue information
£'000 2024 2023 Increase/ % change
(decrease)
HCM North America 9,443 8,830 613 7%
HCM Rest of World 4,009 3,721 288 8%
Total HCM 13,452 12,551 901 7%
Janus C4 2,083 1,729 354 20%
Sateon Advance 903 1,063 (160) (15%)
Legacy Janus 31 231 (200) (87%)
Total Access Control 3,017 3,023 (6) (0%)
Division Total 16,469 15,574 895 6%
Performance overview
Grosvenor Technology (Grosvenor) is a market leader in timeclocks, access and
identity data control for the Human Capital Management (HCM) and Access
Control markets, helping organisations to protect and manage their most
valuable assets - people in the workplace.
Once again, FY24 has been another solid year of progress with top line revenue
growth of 6% to £16.5 million (2023: £15.6 million), an increase of £0.9
million driven by strong growth of the HCM business and our expanding
relationships with software partners, which have been strengthened in both the
US and the European market.
Execution against a five-pillar growth strategy, conceived to underpin the
Group's 2029 Strategic Growth Plan with a clear operational focus, has yielded
extremely positive results. Hardware product sales, led by the GT8 and GT4
units, exceeded annual planned targets in both the North American and Rest of
World (ROW) markets. US-based HCM sales grew by 7% to reach revenues of £9.4
million (2023: £8.8 million). This was matched by equivalent progress with
key European HCM partners, as ROW markets delivered similar underlying growth
of 8% to reach revenues of £4.0 million (2023: £3.7 million), resulting in a
7% year-on-year improvement in HCM revenues overall.
HCM recurring subscriptions grew by 23% year-on-year, reaching 30,639
subscriptions by year-end, representing an exit ARR of £2.9 million (2023:
£2.1 million), an increase of 28% on FY23.
In addition to this growth, significant strategic progress has been achieved
in developing our partnerships and establishing our cloud control technology,
GT Connect, at the centre of our market leading proposition. This has led to
important gains in share-of-wallet, with new product-service combinations
propelling us to replace global competitors operating at the lower end of the
market for the first time. It has also enabled the launch of new
Direct-to-Enterprise (D2E) offerings that are marketplace-ready, with
per-employee pricing. Our recent partnership with one of the world's leading
workforce management technology brands, Oracle is a hugely significant
milestone that opens a very exciting opportunity as we begin exploring the
global D2E marketplace in FY25.
Access Control delivered a flat performance at £3.0 million. This was the
result of balancing the strong growth in sales of Janus C4, increasing by 20%
to £2.1 million (2023: £1.7 million) adding £0.4 million revenues, whilst
managing a migration from our Legacy Janus and Sateon Advance products, which
reduced by a combined £0.4 million. Whilst the outturn fell slightly below
expectations, it neutralised the migration-related decrease of 3% experienced
in 2023. The continued strong performance of Janus C4 and the opportunity to
upgrade a number of key national accounts bodes well for a more positive FY25
and a return to stronger growth with the anticipated launch of our Janus C4
Ultra product.
Across the division, combined gross margin grew by 1.1% points to 39.7% (2023:
38.6%), increasing gross profit by £0.5 million to £6.5 million (2023: £6.0
million). This improvement was largely achieved through customer price
increases and cost control measures. Cost reductions were achieved by
lowering manufacturing and logistics costs with the normalisation of
componentry prices returning to pre-pandemic levels.
Overall, the strong performance in HCM product sales drove a divisional gain
that provides a positive financial backdrop to what has been a substantial
year of execution and evolution, with operational gains and strategic
successes that will continue to propel Grosvenor throughout the next phase of
growth and beyond FY25.
Expanding partnerships driving HCM growth
As before, Grosvenor's strategic growth continues to be driven through
partnerships with a broad array of fast-growing HCM providers. The substantial
progress made in expanding share-of-wallet across our existing partnerships
produced another year of impressive gains, with some notable partner successes
and a combined net growth of the top 15 partnerships of 35%.
In North America, we achieved major gains with two of our largest US partners,
growing by 52% and 43% respectively. In both cases, we now supply the complete
range of GT devices from entry level to premium, with sliding scale pricing
and services attached to all clocks, including where this wasn't already in
place. This broader and more flexible strategic approach, combined with our
new entry-level GT4 Lite device, drove faster growth and enabled us to replace
a major global manufacturer who was previously only supplying low-end devices
with no services. These important wins translate into longer-term recurring
revenues from services with a superior customer relationship. The success of
this approach opens the opportunity to further extend this model across other
partnerships in FY25.
Our major European partnership grew by 21% overall, partly driven by new
territory operations. As we had anticipated, this partner appears to be
pursuing a highly aggressive territorial expansion strategy across Europe
which we continue to support as they bring on new national partners in Spain,
Germany and beyond.
End-user partnerships also delivered positive growth and customer value in
FY24. For one of the Big 3 UK supermarkets, we successfully completed the
first phase of a hardware replacement project, providing the supermarket with
a seamless and efficient solution, and the right fit for their immediate and
longer-term needs. We are now planning a further hardware replacement project
for a top 10 UK retailer, attaching GT Connect to provide them with the same
level of excellence, efficiency and control. Our focus on delivering the best
possible customer experience, combined with our innovative technology and
integrated services, makes us the ideal partner for these large-scale hardware
replacement initiatives.
Our strong base of innovation-focused global partners, with expanding
operations in North America and Europe also provides an exceptionally strong
pipeline of prospects looking forward. As each prosecutes their own strategies
for growth focused on territorial and competitive service advancement, we will
continue to deploy our five-pillar approach, making every effort to enable
their success as we seek to fully leverage our platform and become the
solution of choice for global enterprise operations.
Access Control also drove some notable partnership successes, with OEM
hardware sales (controllers and blades in end-to-end solutions) remaining
buoyant, particularly through our HCM European partners. The timeless value of
good account management combined with excellent support to key customer
projects proved particularly valuable in a year where spend with public sector
partners continued. Private sector business toughened considerably, as a
number of construction customers responded to uncertain global conditions with
project delays and spending freezes. In a crowded competitive market occupied
by major global brands, our attention was naturally focused where our track
record was already strong, commissioning major projects with a significant
blue light customer. This more than made up for the reduction in support for
legacy installations. Meanwhile, upgrading large Sateon installations to Janus
C4 has provided us with an excellent stream of ready-made opportunities with a
further £2.5 million pipeline targeted for conversion in FY25 and beyond.
OUR DIVISIONS - Physical Security
Revenue information
£'000 2024 2023 Increase/ % change
(decrease)
Products 3,690 2,840 850 30%
Service 2,118 1,900 218 11%
Division Total 5,808 4,740 1,068 23%
Performance overview
Safetell continues to raise its growth trajectory, deploying new products,
winning important new reference customers and demonstrating a clear market
advantage as a leading provider and installer of integrated door solutions and
physical security.
FY24 was an important year of strategic execution that delivered substantial
growth following its turnaround in FY23. FY24 revenues increased by 23%
year-on-year to £5.8 million, a significant step-up from the previous year's
modest but transformative increase of 3%. This demonstrated the positive
effect of our strategy, deploying an enhanced range of products, with product
revenues up 30% to £3.7 million. The headline growth of service revenues, up
11% to £2.1 million, was the net result of balancing stronger growth in
target sectors whilst managing anticipated ongoing decline in the banking
market, with continued reduction in demand for legacy rising screen services.
The three-pillar growth strategy, previously identified as part of the
original five-year planning process in 2021, has been considerably
strengthened under the leadership of MD, Nick Shannon. FY24 saw a concerted
focus on growing market share in entrance control, gaining traction with
differentiated products in physical security and increasing support for
regional and national door servicing demand. This prioritised focus and
planning yielded extremely positive results, with substantial progress in door
services, which grew by 51%, and an even greater increase in entrance control
orders, which grew by 74%. Overall, new sales orders grew by 5% year-on-year
and order pipeline expanded by 23%, reaching £11.7 million across all target
sectors, with £5.5 million in potential opportunities added in the year. This
completed an important year of all-round growth as a backdrop to a financial
performance that saw substantial year-on-year gains in every area.
Trading throughout the year was in line with expectations, with the continued
improvement in results through this growth strategy only slightly muted by the
long-expected loss of a large high street bank rising screen servicing
contract, as it sought to rationalise its high street estate and remove the
provision of these security measures for its workers. Despite this, overall
gross margin grew by 0.9% points to 35.3%, increasing gross profit by £0.5
million to £2.1 million (2023: £1.6 million). This was an impressive gain in
profitability on FY23.
Looking ahead, we expect this upward trajectory to continue as the business
continues to demonstrate its ability to manage the ongoing contraction of its
legacy services through the replacement of a healthy mix of business, built on
selectively growing and scaling a foundation of recurring revenues from new
servicing contracts, supplemented by high margin installation projects and the
deployment of identified new products and services.
Against a background of considerable macro-economic uncertainty across the UK,
the planned mitigation measures taken in FY23 produced a welcome impact for
Safetell in FY24. In particular, sourcing alternative product manufacturers in
China delivered clear advantages through the year, both in terms of improved
product quality, more competitive costs and reduced lead times. These
advantages were borne out in the delivery of key contracts with major national
brands and pave the way for significant expansion potential in FY25.
Once again, a very positive demand outlook across all our target sectors,
coupled with a stronger pipeline and a range of highly competitive products in
our portfolio, means our confidence is buoyant as the business continues to
execute with discipline and focus to go from strength-to-strength.
FINANCIAL REVIEW
Revenue 2024 2023 Increase/ Percentage change
(decrease)
£'000 £'000 £'000 %
People and Data Management Division
HCM 13,452 12,551 901 7%
Access Control 3,017 3,023 (6) (0%)
16,469 15,574 895 6%
Physical Security Solutions Division
Products 3,690 2,840 850 30%
Service 2,118 1,900 218 11%
5,808 4,740 1,068 23%
Group Revenue 22,277 20,314 1,963 10%
Group revenue increased by 10% to £22.3 million (2023: £20.3 million) driven
by growth in both People and Data Management and Physical Security Solutions
Divisions. The driver of growth in People and Data Management was in HCM
which experienced increases in both North American and Rest of World. This was
due to the combined impact of increased demand from existing customers,
customer price rises, new customers won and growth of recurring revenues from
SaaS (GT Connect) and ClaaS products. There has also been revenue increase
from both Products and Services in the Physical Security Solutions Division.
Growth from Products is driven by a focus on newer products such as entrance
control and retail screens.
Growth from Servicing is due to legacy bank and building society clients
upgrade projects as well as new auto-door servicing and repairs. Further
commentary and discussion can be found in the relevant divisional sections.
2024 2023 Increase/ Percentage change
(decrease)
£'000 £'000 £'000 %
Gross Profit 8,585 7,638 947 12%
Gross Profit Margin 38.5% 37.6%
Gross profit margins have increased to 38.5% (2023: 37.6%) due to increases
from both divisions. The People and Data Management division gross margin
increased to 39.7% (2023: 38.6%) as a result of customer price rises, cost
control measures and a higher proportion of high margin recurring revenues.
Cost reductions were achieved by lowering manufacturing and logistics costs
with both componentry prices and logistic costs returning to near pre-pandemic
levels. The Physical Security Solutions division achieved a gross profit
margin of 35.3% (2023: 34.4%) the increase is primarily due to changes made in
the operations team to optimise how contracts are sold and delivered.
Administrative expenses and average employees
Administrative expenses have risen by 6% to £7.8 million (2023: £7.4
million). This has mainly been the result of an increase in headcount,
additional property costs and inflationary cost pressures. Overall average
employees have increased to 102 (2023: 99) driven by increases in Grosvenor UK
and US to support the HCM growth. Staff costs (which are included in both
cost of sales and administrative expenses) increased by £1.0 million or 14%
to £8.3 million (2023: £7.3 million).
Finance costs
Finance costs have increased by £0.1 million to £0.4 million (2023: £0.3
million) due to higher interest rates and additional lease interest costs.
Profitability
The current year profit from operations was £0.8 million (2023: £0.3
million). The increase in profitability was the result of a combination of an
increase in gross profits from higher revenues and improved gross margin
percentages.
Profit after tax for the year was £0.1 million (2023: £0.4 million).
This is after the tax charge which is discussed in more detail below.
Taxation
A tax charge of £0.3 million (2023: £0.4 million credit) was recognised in
the year. The 2023 tax credit was a result of a catch-up of R&D claims
in both Grosvenor and Safetell. The 2024 charge for both current and deferred
tax is primarily a result of adjustments to prior periods relating to a change
in assumptions for the Grosvenor R&D tax claims. No corporation tax was
paid in the year.
Earnings per share
Earnings per share was 1.43p (2023: 3.77p) being a decrease of 2.34p. The
decrease was due to the tax charge incurred in FY24.
Balance sheet
Net assets have increased by £0.2 million to £8.1 million (2023: £7.9
million). Property, plant and equipment decreased by £0.2 million to £2.7
million mainly from right of use buildings depreciation. Intangible assets
have decreased by £0.2 million to £5.2 million due to amortisation of
development costs and in particular the first full year of GT Connect.
Inventory has decreased by £1.4 million to £2.7 million due to unwinding of
componentry and finished goods that were stock-piled as a result of previous
supply chain issues. Trade and other receivables reduced by £0.4 million
primarily due to the fact there was an abnormally large trade receivable
balance in the Physical Security Solutions Division at prior year end. Cash
and cash equivalents increased by £0.5 million to £1.1 million (2023: £0.6
million). Trade and other payables decreased by £1.1 million to £3.5 million
(2023: £4.6 million) due to timings of creditor payments. The £0.4 million
decrease in short term borrowings to £3.0 million was due to a reduction in
the amount drawn down of the Group's invoicing financing facilities. Bank
net debt decreased by £1.3 million in FY24 to £2.0 million at 30 April 2024
due to an increase in cash and repayments relating to invoice financing and
CBILs facilities.
Research & Development (R&D)
The Group has decreased its R&D investment to £0.4 million (2023: £0.5
million) in the People and Data Management division. The reduction is due to
the completion of the development of GT Connect, our upgraded SaaS platform
which was launched in the second half of FY23.
Cashflow
During the year cash increased by £0.5 million to £1.1 million (2023: £0.6
million). Cash generated from operating activities increased by £0.9 million
to £3.0 million (2023: £2.1 million) mainly driven by an increase in
operating profits and an improvement in working capital due to lower
inventories and partially offset by creditor outflows. There was also a tax
receipt of £0.2 million (2023: £0.4 million) from R&D tax credits.
Cashflow from investing activities remained flat year on year at £0.8 million
(2023: £0.8 million). The financing movements related to the repayment of
£0.4 million of invoice financing from the UK and US facilities (2023: £0.3
million draw down), lease principal repayments of £0.6 million (2023: £0.4
million) and £0.4 million of repayments from the Coronavirus Business
Interruption Loan Scheme ("CBILS") which started to be paid back from
September 2021 over a 5-year term. There was also £0.3 million of interest
paid on the debt facilities (2023: £0.3 million).
Forward currency contracts
During the year we executed our foreign exchange strategy by entering into
forward contracts. The strategy effectively hedges 75% of excess USD and
reduces the level of volatility compared to using spot rates. The contracts
manage our currency mismatch between an increasing US Dollars (USD) position
from revenues and the existing cost base in both GBP and Euros. The adopted
process involved currency forecasting three quarters ahead and taking out
tranches of forward contracts for 25% of each of the forecasted quarters
relating to our excess USD position.
CONSOLIDATED INCOME STATEMENT FOR THE YEAR END 30 APRIL 2024
2024 2023
Note £'000 £'000
Revenue 22,277 20,314
Cost of sales (13,692) (12,676)
Gross profit 8,585 7,638
Administrative expenses (7,811) (7,354)
Profit from operations 774 284
Finance costs (386) (348)
Profit/(loss) before tax 388 (64)
Tax (charge)/credit 3 (254) 417
Profit for the year 134 353
Attributable to:
- Equity holders of the parent 134 353
Earnings per share
- Basic (pence) 1.43 3.77
- Diluted (pence) 1.35 3.69
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2024 2023
£'000 £'000
Profit for the year 134 353
Foreign exchange on the retranslation of overseas operation 18 (22)
Total comprehensive income for the year 152 331
Attributable to:
- Equity holders of the parent 152 331
The notes in the annual report and accounts form part of these financial
statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2024
2024 2023
ASSETS Note £'000 £'000
Non-current assets
Property, plant and equipment 2,702 2,914
Intangible assets 5,226 5,450
Deferred tax 3 303 454
Total non-current assets 8,231 8,818
Current assets
Inventories 2,738 4,150
Trade and other receivables 4,544 4,978
Cash and cash equivalents 1,137 581
Total current assets 8,419 9,709
Total assets 16,650 18,527
LIABILITIES
Current liabilities
Trade and other payables 3,545 4,559
Other short-term borrowings 2,978 3,402
Total current liabilities 6,523 7,961
Non-current liabilities
Long term borrowings 1,893 2,537
Provisions 110 100
Total non-current liabilities 2,003 2,637
Total liabilities 8,526 10,598
TOTAL NET ASSETS 8,124 7,929
Capital and reserves attributable to equity holders
of the company
Share capital 4,687 4,687
Share premium 553 553
Merger reserve 801 801
Foreign exchange reserve (163) (181)
Retained earnings 2,206 2,029
Total attributed to equity holders 8,084 7,889
Non-controlling interest 40 40
TOTAL EQUITY 8,124 7,929
The financial statements were approved by the Board of Directors and
authorised for issue on 9 September 2024.
Paul Campbell-White
Director
The notes in the annual report and accounts form part of these financial
statements.
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024
2024 2023
£'000 £'000
Cash flow from operating activities before exceptional items
Profit after tax 134 353
Adjustments for: Depreciation, amortisation and impairment 1,459 1,201
Finance cost 386 348
Gain on sale of property, plant and equipment (19) (37)
Share based payment 43 27
Corporation tax charge/(credit) 254 (417)
Operating profit before changes in working capital and provisions 2,257 1,475
Decrease/(increase) in trade and other receivables 156 (999)
Decrease/(increase) in inventories 1,412 (167)
(Decrease)/increase in trade and other payables (1,004) 1,384
Cash generated from operations 2,821 1,693
Corporation tax recovered 177 400
Cash flow from operating activities 2,998 2,093
Cash flow from investing activities
Acquisition of property, plant and equipment (415) (405)
Sale of property, plant and equipment 19 37
Acquisition of intangible assets (438) (462)
(834) (830)
Cash flow from financing activities
Bank loans paid (400) (400)
Principal paid on lease liabilities (565) (394)
Invoice financing (repayments)/proceeds (365) 290
Interest paid (293) (299)
(1,623) (803)
Increase in cash and cash equivalents 541 460
Cash and cash equivalents at beginning of year 581 157
Exchange differences on cash and cash equivalents 15 (36)
Cash and cash equivalents at end of year 1,137 581
The notes in the annual report and accounts form part of these financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share premium Merger reserve Foreign exchange reserve Retained earnings Amounts attributable to owners of the parent Non-controlling interest Total
capital
equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 May 2023 4,687 553 801 (181) 2,029 7,889 40 7,929
Profit for the year - - - - 134 134 - 134
Other comprehensive income - - - 18 - 18 - 18
Total comprehensive income - - - 18 134 152 - 152
for the year
Transactions with owners
Share based payment - - - - 43 43 - 43
As at 30 April 2024 4,687 553 801 (163) 2,206 8,084 40 8,124
Share Share premium Merger reserve Foreign exchange reserve Retained earnings Amounts attributable to owners of the parent Non-controlling interest Total
capital
equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 May 2022 4,687 553 801 (159) 1,649 7,531 40 7,571
Profit for the year - - - - 353 353 - 353
Other comprehensive income - - - (22) - (22) - (22)
Total comprehensive income/(loss) - - - (22) 353 331 - 331
for the year
Transactions with owners
Share based payment - - - - 27 27 - 27
As at 30 April 2023 4,687 553 801 (181) 2,029 7,889 40 7,929
The notes in the annual report and accounts form part of these financial
statements.
1. Accounting policies
Newmark Security (the "Company") is a public limited company, limited by
shares, registered number 03339998 in England & Wales. The consolidated
financial statements of the Company comprise the Company and its subsidiaries
(together referred to as the "Group"). The registered office of the Group is
91 Wimpole Street, London, W1G 0EF. The principal place of business of
Grosvenor Technology Limited is Unit S, The Fulcrum Centre, Vantage Way,
Poole, Dorset, UK, BH12 4NU and for Safetell Limited is Unit 46, Fawkes
Avenue, Dartford, Kent, DA1 1JQ.
The financial statements are for the year ending 30 April 2024 (2023: year
ended 30 April 2023).
Basis of preparation
The primary economic environment in which the Group operates is the UK and
therefore the consolidated financial statements are presented in pounds
sterling ('£') to the nearest round thousand (£'000) unless otherwise
stated.
The consolidated financial statements have been prepared on a historical cost
basis.
The principal accounting policies adopted in the preparation of the financial
statements are set out below. The policies have been consistently applied to
all the years presented, unless otherwise stated. These consolidated financial
statements have been prepared in accordance with UK adopted international
accounting standards ("IFRS") in conformity with the requirements of the
Companies Act 2006.
The preparation of financial statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of income and expenses, and
assets and liabilities. These judgements and assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the result of which form the basis of
making the judgements about carrying values of assets and liabilities. Actual
results may differ from these estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis.
Any revisions to the accounting estimates are recognised in the period in
which the revision is made.
There were a number of amendments to standards which became effective during
the period, but none of which had a significant impact on the accounting
policies of the group in the year.
No new standards that are not yet effective have been early adopted or are
expected to have a material impact on the Group's profit or loss.
Going concern
Based on the Group's latest trading, future expectations and associated cash
flow forecasts, the Directors have considered the Group cash requirements and
forecast covenant compliance and are confident that the Company and the Group
will be able to continue trading for a period of at least twelve months
following approval of these financial statements, being the going concern
period.
In August 2020, the Group secured a £2 million financing facility from its
bankers, HSBC, via the Coronavirus Business Interruption Loan Scheme
("CBILS"). This loan is for a term of 6 years, with the first year being
interest, repayment and covenant free under the Business Interruption Payment
scheme. The covenant requires the Group to deliver a pre-debt service cashflow
of 1.2 times the level of debt service, based on audited accounts.
The 2024 calculation was 2.0 times so 167% of the target. No other financing
facilities of the Group have any covenant requirements.
In February 2022, the Group secured a 3 year $2 million invoice financing
facility with Seacoast National Bank against invoices raised from our US
operation. At 30 April 2024, $0.8 million of the facility was being
utilised. The level of invoice financing available varies with the open book
of trade debtors at any point in time and therefore the level of financing
fluctuates.
In January 2023, the Group increased its UK HSBC invoice financing facility to
£2.3 million to provide additional working capital headroom. At 30 April
2024, £1.5 million was being utilised.
At 30 April 2024 the Group had a £0.2 million overdraft facility with its
bankers, HSBC, although none was utilised as the Group had a positive bank
balance of £1.1 million at year end.
The Group's going concern assessment is based on the Group continuing to
generate positive operating cashflows for the period to 30 September 2025.
The Group's trading so far in FY25 has delivered positive operating cashflows.
Management are confident that the Group would be able to meet loan repayments
and working capital needs. The Group is expected to be able to operate within
existing finance facilities, based on Management's detailed monthly cashflow
forecasts to September 2025. Should profits or cashflow movements fall behind
expectations in this period the Group expects to be able to utilise more of
its current UK and US invoice financing facilities and also extend the
overdraft facility. Accordingly, the Directors consider it appropriate to
prepare the financial statements on a going concern basis.
2. Segment information
Description of the types of products and services from which each reportable
segment derives its revenues
The Group has two main reportable segments:
• People and Data Management division - This division is involved
in the design, manufacture and distribution of access-control systems
(hardware and software) and the design, manufacture and distribution of HCM
hardware only, for time-and-attendance, shop-floor data collection, and access
control systems. This division contributed 74% (2023: 77%) of the Group's
revenue.
• Physical Security Solutions division (previously called the
Asset Protection division) - This division is involved in the design,
manufacture, installation and maintenance of fixed and reactive security
screens, reception counters, cash management systems and associated security
equipment. This division contributed 26% (2023: 23%) of the Group's revenue.
Factors that management used to identify the Group's reportable segments
The Group's reportable segments are strategic business units that offer
different products and services. The two divisions are managed separately as
each involves different technology, and sales and marketing strategies.
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker.
Segment assets and liabilities exclude group company balances.
People and Data Management division Physical Security Solutions division Total
2024 2024 2024
£'000 £'000 £'000
Revenue from external customers 16,469 5,808 22,277
Finance cost 182 86 268
Depreciation 435 265 698
Amortisation 685 - 685
Segment profit/(loss) before income tax 2,180 (339) 1,841
Reportable segment assets 12,544 2,280 14,823
Reportable segments liabilities 4,728 2,275 7,003
People and Data Management division Physical Security Solutions division Total
2023 2023 2023
£'000 £'000 £'000
Revenue from external customers 15,574 4,740 20,314
Finance cost 154 58 212
Depreciation 341 230 571
Amortisation 572 - 572
Segment profit/(loss) before income tax 2,196 (685) 1,510
13,556 3,739 17,295
Reportable segment assets
Reportable segments liabilities 4,980 3,518 8,498
Reconciliation of reportable segment revenues, profit or loss, assets and
liabilities to the Group's corresponding amounts:
2024 2023
£'000 £'000
Revenue
Total revenue for reportable segments 22,277 20,314
Profit or loss before income tax expense
Total profit or loss for reportable segments 1,841 1,510
Parent company salaries and related costs (694) (604)
Other parent company costs (759) (970)
Profit/(loss) before income tax expense 388 (64)
Corporation taxes (254) 417
Profit after income tax expense 134 353
Assets
Total assets for reportable segments 14,823 17,295
Parent company assets * 1,827 1,261
Group's assets 16,650 18,556
Liabilities
Total liabilities for reportable segments 7,003 8,498
Parent company liabilities ** 1,523 2,128
Group's liabilities 8,526 10,626
*PLC bank overdraft is set off against other group cash balances and has
therefore been included within the asset line owing to an offsetting
arrangement that is in place with HSBC.
**Parent company liabilities include dormant companies' intercompany balances
which eliminate fully on consolidation therefore do not feature in the
consolidated financial statements.
Geographical information:
Non-current assets by location of assets
2024 2023
£'000 £'000
UK 6,752 7,280
USA 1,176 1,084
7,928 8,364
3. Tax and Deferred tax
2024 2023
£'000 £'000
Current tax
UK corporation tax on profit for the year 28 -
Overseas corporation tax - (25)
Adjustment to provision in prior periods 75 (348)
103 (373)
Deferred tax
Origination and reversal of temporary differences (4) (16)
Effect of change in corporation tax rate (5) -
Adjustment to provision in prior periods 160 (28)
151 (44)
Total tax charge/(credit) 254 (417)
The reasons for the differences between the actual tax credit for the year and
the standard rate of corporation tax in the UK applied to profits for the year
are as follows:
2024 2023
£'000 £'000
Profit/(loss) before tax 388 (64)
Expected tax credit based on the standard rate of corporation tax in the UK of 97 (12)
25.0% (2023: 19.49%)
Research and development allowances (79) (347)
Effects on profits on items not taxable or deductible for tax purposes 24 17
Movement in deferred tax not recognised (7) 190
Remeasurement of deferred tax for changes in tax rate (23) 3
Fixed asset differences 16 (14)
Foreign tax credits - (25)
Adjustments in respect of prior period 75 (247)
Adjustments in respect of prior period (deferred tax) 160 (28)
Other movements (9) 46
Total tax charge/(credit) 254 (417)
The Group has the following tax losses, subject to agreement by HMRC Inspector
of Taxes, available for offset against future trading profits as appropriate:
2024 2023
£'000 £'000
Management expenses and loan relationship deficits 424 240
Trading losses 5,121 5,622
5,545 5,862
2024 2023
A deferred tax asset has not been recognised for the following: £'000 £'000
Management expenses 424 240
Trading losses 1,649 1,425
2,073 1,665
Deferred tax
Deferred tax is calculated in full on temporary differences under the
liability method using a tax rate of 25% (2023: 25%). The March 2021 Budget
announced a further increase to the main rate of corporation tax to 25% from 1
April 2023 and was substantively enacted in May 2021.
Deferred tax assets have been recognised in respect of all temporary timing
differences giving rise to deferred tax assets if it is probable that these
assets will be recovered. The movements in deferred tax assets and liabilities
(prior to the offsetting of balances within the same jurisdiction as permitted
by IAS12) during the period are shown below. Deferred tax assets and
liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
Details of the deferred tax liability, and amounts (charged)/credited to the
consolidated income statement are as follows:
Total Fixed Assets Other temporary and deductible differences Available losses
Asset/(liability)
At 1 May 2023 454 (664) 69 1,049
Income statement (charge)/credit (151) 21 9 (181)
At 30 April 2024 303 (643) 78 868
Asset/(liability)
At 1 May 2022 410 (639) - 1,049
Income statement (charge)/credit 44 (25) 69 -
At 30 April 2023 454 (664) 69 1,049
Deferred tax assets have been recognised in respect of available losses which
are expected to be matched against future trading profits. Management reviews
the estimate mid-year and assesses whether latest projections impact the level
of recognised deferred tax. Management allow for a fluctuation in projections
and apply a level of cautiousness to recognition so that it allows for profit
fluctuations.
There are unrecognised deferred tax assets as listed above, which have not
been recognised due to the uncertainty of the timing of future profits.
4. Dividends
The Directors are not proposing a dividend for 2024 (2023: nil pence).
5. Subsequent events
The Directors are not aware of any material events which occurred after the
reporting data of these financial statements which will significantly affect
the financial position of the Group or the results of its operations.
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