22 July
2024
Croma Security Solutions Group
Plc
("CSSG",
"Croma", "the "Company" or the "Group")
Trading
Statement
Croma Security Solutions Group plc
(AIM:CSSG) is pleased to announce the following update on trading
for the twelve months to 30 June 2024.
During this period, the Company has
traded well and continues to develop its security centre network,
add new commercial clients and expand the security solutions the
Group provides. As a result, Croma expects to report FY2024 results
in-line with market expectations.
In June 2023, the Group sold its
manned guarding business Vigilant for £6.5 million, in order to
focus on the Company's core businesses, Croma Locksmiths and Croma
Fire & Security. As reported earlier this month, the Company
received a cash payment of £1.76 million as part of the
consideration for the sale of Vigilant with a further £3.48 million
including interest to be received over the next 8 quarters. As at
the date of this announcement, the Company has no borrowings and a
cash position of £4.0 million.
Croma's strategy remains focused on
driving the core business as well as acquiring traditional
locksmith stores and transforming them into modern security centres
with stronger in-store product ranges and much greater profit
potential. The Group boasts a strong balance sheet and there is a
good pipeline of store acquisition opportunities to
support the Group's ambitions to roll out its security
centre network nationwide.
Roberto Fiorentino, Chief Executive Officer,
commented: "We are pleased to have
completed a successful year in what has been a challenging market
environment. Looking ahead, we have a clear strategy together with
the financial resources and management expertise to execute it. As
a management team, we are therefore very focused on expanding our
store presence and benefitting from the resulting growing
economies of scale."
For
further information visit www.cssgplc.com or
contact:
Croma Security Solutions Group Plc
Tel:
+44 44 (0)1489 566 166
Roberto Fiorentino, CEO
Teo Andreeva, CFO
Zeus
Capital Limited
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