Trading Statement and Strategic Partnership

RNS Number : 8266N

Croma Security Solutions Group PLC

04 October 2021

 

4 October 2021

CROMA SECURITY SOLUTIONS GROUP PLC

("CSSG" or the "Company")

Trading Update, New Strategic Partnership & Notice of Results

Croma Security Solutions Group Plc, the total security services provider, is pleased to announce an update on trading for the 12 months to 30 June 2021, a new partnership with leading Finnish security firm iLOQ and confirmation that the full year results will be announced on 25 October 2021.

The Board is pleased to confirm that demand for its security services has been high and as a result expects to deliver a strong set of results with EBITDA for the 12 months to 30 June 2021 ahead of the guidance given in June 2021 of £1.85 million. The improved trading performance has come from across all areas of the Company's operations.

The Company is also pleased to announce that it is to become the UK strategic partner for iLOQ, a leading Finnish security business. Specialising in locks, iLOQ has developed a new battery free door lock which can be opened by smartphone. The lock is powered by the mobile phone opening it, a unique feature clearly differentiating it from competing products. The potential applications for the mobile iLOQ are significant across multiple industries given its' advantages relating to security, data collection and central control. Under the partnership, Croma will sell, install and maintain iLOQ equipment in the UK.

Ulf Jonasson, Country Manager of iLOQ UK Ltd, said:

"iLOQ are extremely pleased to announce that we will be working closely with Croma Locksmiths as a strategic Partner moving forward. We know the Croma team will assist greatly in developing iLOQ into the future of locking within the industry and distributing our battery free digital solution. iLOQ and Croma share many values, one of which being that our customers are the centre of everything we do. We look forward to starting this exiting journey with Croma and developing our relationship in the future."

Sebastian Morley Chairman of CSSG said:

"The strength of our trading indicates we have successfully ridden out the impact of pandemic and have in fact, emerged in a stronger position to move forward. The tie up with iLOQ is particularly interesting as their mobile lock has the potential to be widely adopted, time will tell, but the early signs are good."

For further information visit www.cssgroupplc.com or contact:

Croma Security Solutions Group Plc                                                                                              Tel: [phone]

Sebastian Morley (Chairman)

WH Ireland Limited                                                                                                                          Tel: [phone]

(Nominated Adviser and Broker)

Mike Coe

Jessica Cave

Novella  Tel: [phone]

Tim Robertson

Fergus Young

 

END

 

 

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