Newmark Technology
NO RECOMMENDATIONShares in acquisitive security company Newmark Technology hit a year's low of 650p after a £110,000 interim pre-tax profits plunge to £90,000. Newmark (NWT) blamed the profits fall in the six months to April on the impact of a strong pound on profits from its Dutch and Belgian subsidiaries. Results from this region were also hit by the recent consolidation of the Belgian banks, which hurt Newmark's local subsidiary, Drion. However, expansion has been continued and turnover increased by £1 million to £9 million. Newmark's asset safety division bought Safetell in March, its electronic safety division won an agreement to acquire Par Sec in the USA, and its secure locking subsidiary, Vema Belgium, expanded into Holland. Newmark has been devoting its energies to new product development and absorbing strategic takeovers. The acquisition policy is to continue - in the hope tha it will sooner or later demonstrate sufficient pay-off potential to win back investors.
Market cap: £8.3m
PE Forecast: n/a
Share price: 7.5p
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