Update: Profits growth supported by one-off effects
Newmark Security posted a record reported pre-tax profit in FY15. Theresult benefited from orders for cash-handling equipment from the Post
Office. The value of orders from this customer is expected to reduce
during FY16. We introduce forecasts for FY16 and FY17, noting that growth
from other activities is not expected to make up the associated shortfall in
profits until FY17. Our analysis indicates that the likely dip in profitability
during FY16 is already reflected in the share price.
Newmark is a provider of security systems. Co. is engaged in the design, manufacture and supply of products and services for the security of assets and personnel. Co. operates in two divisions: electronic (Grosvenor Technology), which designs and distributes access control systems, as well as workforce management systems hardware for time-and-attendance, shop-floor data collection, and access control systems; and asset protection (Safetell), which designs and installs fixed and reactive security screens, reception counters, cash management systems and associated physical security equipment, as well as services and maintains CCTV systems, automatic door operators, locks and other equipment.
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