25 May 2012

Croma lines up new acquisition

15/01/2007 Robert Tyerman

Surveillance and security equipment specialist Croma Group says interim turnover rose 16 per cent and another acquistion is being finalised.

John French, chairman and chief executive of Croma – which lost £1.1 million in the year to last June – says the AIM-quoted company lifted revenues 15.8 per cent to £2.6 million in the six months to December. He adds that the company has signed heads of agreement to buy a private maker and distributor of closed-circuit TV products.

Hereford-based Croma is paying in shares valued at 6.5p, a significant premium to the company’s present 4.13p share price, for the South Welsh concern, which has an annual turnover of about £1 million. French suggests the new acquisition could lead to interesting opportunities abroad and maintains the share price premium reflects how undervalued the biddee company recognises Croma shares to be.

He argues consolidation is likely to intensify in the sector and says this could lead to Croma, whose shares have veered between 7.87p and 2.08p over the past two years, being a target if the price stays low or alternatively a bidder if the shares are re-rated.

The shares are a worth a punt on either outcome.

Sector: General Industrials

Companies: Croma Security Solutions

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