Business
Year-end trading update
Year-end trading update.
About this update from Newmark Security Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.\n \nNewmark Security plc\n(\"Newmark\", the \"Company\" or the \"Group\")\n \nYear-end trading update\n \nContinued revenue growth and a return to profitability\n \nNewmark Security plc (AIM: NWT), a leading provider of electronic, software and physical security systems, today provides an update on trading for the year ended 30 April 2023 (\"FY23\"), reaffirming the Company's return to profitability.\n \nHighlights\n \n· FY23 year-on-year revenue growth, driven by a strong performance in the People, Data Management, and Physical Security divisions.\n· Product innovation and efficient software systems have enhanced solutions offering, driving new client contracts.\n· Human Capital Management (\"HCM\") annualised recurring revenues* (\"ARR\") increased by 133% year-on-year to £2.1 million for April 2023, positively contributing to profit margins.\n· Confirmation of a return to profitability and cash flow generation in FY23.\n· Continued focus to invest in people and infrastructure to fuel sustainable growth.\n \n*ARR is calculated by annualising revenue recognised in a given month from all clients on deployed HCM subscription contracts.\n \nOperations\n \nPeople and Data Management division - Grosvenor Technology (\"Grosvenor\")\n \nOngoing product development in cloud-based SaaS solutions and enhanced software applications on Time Clocks and now Bring Your Own Device (\"BYOD\") tablet devices has extended the reach of the Group's solutions in HCM and, therefore, the overall share of wallet. Following the increasing momentum in public and private sector spaces, Access Control has performed well year-on-year.\n \nCompliance with data remains a strong underpinning core value, and the business continues to leverage this in winning new HCM SaaS recurring revenue business in both the North American and European markets. This has resulted in a 133% increase in the HCM ARR to £2.1 million for April 2023 (April 2022: £0.9 million).\n \nDuring the period, Grosvenor's US headquarters were relocated to a much larger facility in Florida, an...