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Croma Security Solutions lifts dividend despite fall in profit on temporary store closures
StockMarketWire.com
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Security services provider Croma Security Solutions lifted its dividend despite reporting a fall in annual profit as temporary retail closures offset increased demand, denting revenue.
For the year ended 30 June 2020, pre-tax profit was reduced to £87,000 from £1.48 million and revenue fell to £32.3m from £34.6m.
The fall in profit included two non-cash items, an increased depreciation charge of £0.57m under IFRS16 and an impairment charge of £0.86m primarily driven by an increase in the group's cost of capital, the company said.
The company increased its final dividend to 1.2p, making a total dividend for the year of 1.95p, up from 1.8p last year.
'Trading post the year end is progressing well,' the company said. 'The group has high levels of cash reserves, no borrowings and remains well placed to expand its security network with interesting new opportunities arising in our markets as a result of the pandemic.'
At 9:16am: (LON:CSSG) Croma Security Solutions Group share price was +3p at 66.5p
Story provided by StockMarketWire.com
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