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CSSG Croma Security Solutions Group Plc

68.50
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Last Updated: 00:00:00
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Share Name Share Symbol Market Type Share ISIN Share Description
Croma Security Solutions Group Plc LSE:CSSG London Ordinary Share GB00B5MJV178 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 68.50 65.00 72.00 68.50 68.50 68.50 18,845 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Srch,det,nav,guid,aero Sys 42.83M 3.7M 0.2695 2.54 9.4M

Croma Security Solutions Group PLC Final Results (7643P)

22/11/2016 7:01am

UK Regulatory


Croma Security Solutions (LSE:CSSG)
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TIDMCSSG

RNS Number : 7643P

Croma Security Solutions Group PLC

22 November 2016

CROMA SECURITY SOLUTIONS GROUP PLC

("CSSG", the "Company" or the "Group")

FINAL RESULTS

FOR THE YEAR TO 30 JUNE 2016

CROMA SECURITY SOLUTIONS GROUP PLC ("the Group"), the AIM listed total security services provider, announces its results for the year ended 30 June 2016.

This announcement contains inside information

Highlights

   --      Revenue growth to GBP19.03M an increase of 20% 
   --      Gross Profit GBP3.89M an increase of 18.7% 
   --      EBITDA GBP0.6M 
   --      Balance sheet net assets GBP10.02M 
   --      Earnings per share 0.96p 

An electronic copy of the annual report is available from the Group's website www.cssgplc.com along with the Notice of AGM.

For further information contact:

Croma Security Solutions Group plc

Sebastian Morley, Chairman Tel: +44 (0)7768 006 909

WH Ireland Limited (NOMAD and Broker)

Paul Shackleton / Nick Prowting Tel: +44 (0)207 220 1666

Chairman's Statement

I am pleased to report Croma Security Solutions Group's final results for the year to 30 June 2016.

The year has delivered on our core strategy of strong organic growth coupled with innovation and fiscal responsibility.

The Group has been enlarged with the acquisition of Access Locksmiths and this business is now firmly embedded. Coupled with the acquisition, the Group has continued to win business in all sectors and across all divisions. Our market has also been extended to the Middle East where we see strong growth potential after winning our initial contracts in the region.

Our aim is to build a recognised brand that is synonymous with the provision of the highest level of total security services. We are stringently focused on quality and service where our clients can have all of their security needs served by our Group. This is combined with relentless innovation across all of our divisions.

Croma Vigilant has enjoyed another record year with the addition of contracts with the NHS where we have introduced an innovative method of patient safety in one of the UK's largest NHS Trusts. This, combined with contract wins with property management and logistics firms, has seen a new record level of turnover and operating profit. Croma Vigilant is setting itself apart from the traditional guarding model by setting the standard of front end delivery based on our ex-military ethos. This will result in ongoing contract wins across all UK sectors both private and public.

Croma Security has delivered a significant level of new works for Odeon Cinemas and this has resulted in a contract win with another cinema chain. In addition to the leisure industry, Croma Security has continued to win and compete for high end security solutions for high net worth individuals and we are becoming the provider of choice in this community. Croma Security has seen an increase in turnover this year and we see this trend continuing as our strategy develops.

Croma Biometrics has been involved with a number of Government initiatives in the UK and Middle East to bring Fastvein to the forefront as a potent biometric high speed human identifier. Identity management is a highly topical area and with our unique Fastvein(TM) system, we are placed to benefit from this as a Group. We have seen the successful installation of Fastvein into St Mary's Ascot school and this has led to further installations in the independent schools sector. We see the education sector as a key area for identity management through Fastvein(TM). Fastvein has seen considerable investment from the Group and although the concept is in its early stages of development, we see it is a key part of our unique offering to clients.

Croma Locksmiths has expanded to seven retail locations on the south coast following the acquisition of Access Locksmiths Ltd. Our Locksmiths division is now fully integrated with the new business and we see considerable cross selling opportunities within the Group for the corporate locks market.

The focus of the Group remains that of delivering sustained growth by our unique offering to the security market. Our aim is to be a group apart, a true one stop offering where clients can have all of their security needs serviced by one vertically integrated Group. The security market remains fragmented and flat footed and we aim to capitalise on this by aggressive marketing and delivery of our services.

During the year, our Finance Director, Alex Tetley, resigned to take up a new position and we thank him for his efforts during his time with the Group. We are delighted to welcome back Richard Juett to the role of Finance Director of the Group, to replace Alex.

Once again, I would wish to extend our heartfelt thanks to all the employees the Group, whose unstinting hard work has delivered another good set of results, a growing reputation for excellence and most importantly, a happy ship. The Board views the coming year with considerable optimism. Forming a Group of diverse businesses has taken time and effort from our valued team and this is now taking hold and bearing reward for our shareholders. We maintain our aim of providing outstanding security services to our clients and value to our shareholders. We aim to grow and build on our successes of this past year with stringency and financial prudence.

Strategy and Objectives

The Group's strategic objectives are:

-- to deliver market leading full service security offerings to the top end of the corporate and residential markets. This will be achieved by maintaining quality of service as a priority, focusing efforts on clients who will appreciate our differentiated offering, and leveraging our brand and client base;

-- to produce consistent growth in clients and financial performance, by maintaining our margins and managing our costs. Acquisitions will be pursued only when they can be seen clearly to add value to the Group without imposing excessive burdens of operational consolidation;

   --      to develop and bring to market new technologies where feasible; and 
   --      to deliver meaningful shareholder returns. 

The Group's longer term objectives are to grow our core offerings in the UK and abroad until we are the security provider of choice to leading large corporates, to expand our service offering to include e-security, and to develop specific high-end national projects.

2015/16 has seen the Group maintain its plans for growth. Last year mention of future acquisitions was made and Croma is pleased to have purchased "Access Locksmiths Ltd". This was completed half way through the year and has taken the balance of the year to integrate. A great deal of energy and cost has been expended to rebrand Access as Croma Locksmiths and to merge the business into the Croma Group along with other organisational changes.

Growth of the Group over the last three years had been purely organic, and whilst not as fast as originally hoped it has resulted in a solid platform upon which to build. The Board is therefore pleased by the acquisition of Access Locksmiths Ltd and is ready to consider and acquire further businesses which can add to the Group's service offering, geographic footprint and profitability.

The maintenance and expansion of solutions to the present client base is fundamental. The Group continues to develop historical clients, some of whom currently use a diverse range of contractors, in order to bring all their needs under one roof when this makes good business sense for both parties.

The Group also continues developing overseas opportunities, in particular in the Middle East. Whilst these require a high level of input, Croma see that this market will be a large contribution to overall future expansion.

Performance of each business segment is discussed below:

Croma Vigilant

Croma Vigilant had another successful year. Turnover has grown by more than 14% to GBP14.29M from GBP12.50M in 2015, and operating profit for the company has increased to GBP0.69M (2015: restated GBP0.46M). The focus on delivering a quality premium service is being recognised by clients who place value on a reliable and effective security provider who can act as a partner to them in all aspects of physical security.

Croma Vigilant continues to operate in the upper echelon of the manned guarding market with the delivery of its manned guarding, key holding and commissionaire services and is the largest revenue contributor to the Group.

Whilst the Company did not benefit from the provision of services to the Commonwealth Games as it did with Glasgow 2014, it was successful in securing NHS contracts which Croma Vigilant continue to win. These contracts have not only replaced the additional turnover that the Commonwealth Games provided but they have led to growth in turnover that is sustainable in the longer term.

The continued growing reputation for quality of service has led to further client wins, and the Company's client base is growing as quickly in London and the South East as it is in Scotland, The Midlands and Northern England. The sales effort has been reinforced to target large corporates and NHS Trust Hospitals as ideal clients.

Quality of service is demonstrated by the high levels of client retention, and whilst the Company, like all operators, has seen margins continue to come under pressure it has held the line in refusing to compromise on service delivery.

Croma Security

Croma Security has seen turnover improve with continued orders in the leisure and education sectors. Although client budgets remain tight there is a very promising pipeline. Turnover for the year has risen 12% to GBP2.27M (2015: GBP2.0M), with operating profit up to GBP0.41M (2015: GBP0.38M).

Croma Security has adjusted the sales effort by bringing on board an existing internal and highly experienced engineer. This is allowing the current team to pass over smaller items to a technically capable individual.

Croma Security continues to provide a full range of electronic security solutions for a wide range of clients. The Odeon Cinema contract has improved upon last year with more new works placed. This year also saw the start of a further cinema chain placing similar works with Croma Security for new works and on-going maintenance. Solar farm security installations have continued although at a lower level than expected.

Croma Biometric - FastVein(TM)

We continue to develop Croma Biometrics and turnover has improved to GBP0.17M (2015: GBP0.13M). There has been continued investment in developing new software, client applications and marketing. Whilst development expenditure continues to outstrip revenues, we remain highly confident that the current development and future opportunities justify the on-going investment.

We plan to deliver further installations into the education sector and propose marketing to the retail sector as we see an opportunity to assist in the monitoring of staff attendance in addition to controlling access to sensitive areas and offering demonstrable savings to our clients.

Croma Locksmiths

Croma Locksmiths has seen the largest change this year with the acquisition of a South Coast competitor bringing the total number of retail outlets to seven between Brighton and Poole/Bournemouth. Turnover has increased to GBP2.31M (2015: GBP1.18M) to give an overall operating profit of GBP0.11M (2015: GBP0.09M).

The restructuring, rebranding and customer accreditations associated with the acquisition has impacted profitability negatively, but the ground has been laid to see a return to the expected margins moving forwards and in the current period this early effort is bearing fruit.

Outlook and Priorities

The Group remains focused on driving growth, both in the UK and overseas.

An enhanced sales team straddling the entire Group is in place and awareness of the Croma brand within the target market is increasing.

Croma Group's web presence continues actively to promote services along with email, social media, and exhibitions.

Croma Vigilant continues to see strong evidence that the high quality of their service offering is being well received and that intelligent and discerning companies will pay a premium for a reliable and effective guarding service.

Croma Security Systems is predominantly focused on providing integrated and reliable security systems. Corporate clients represent the company's best opportunities and best returns in terms of turnover and margin. As a highly respected specialist Croma Security is directing some attention towards security systems design and consultancy, an area of great strength which we hope to expand especially with overseas clients where our depth of knowledge and experience is not only welcomed but projects with the necessary funding exist.

Croma Locksmiths will be pursuing a strategy of geographical expansion this coming year, either by opening new stores or acquiring more existing businesses. There is opportunity for further consolidation in the sector.

Croma Biometrics will continue to develop FastVein(TM) in the Education and Retail Sector. In addition overseas resellers will be sought. Hardware is being redesigned on an on-going basis to improve the external appearance and reduce controller hardware size and improve efficiency and costs.

Group Financials

The financial results of the Group are broadly satisfactory.

Revenue has grown by 20% in the year. This improvement was driven by Croma Vigilant, which has delivered new contracts at steady margins, and by the acquisition of Access Locksmiths Ltd. Although overall gross profit has increased the gross margin has fallen to 20.4% (2015: 22.6%). Tighter margins have contributed to the fall but the main reason is due to our mix of revenue and particularly the impact of the increase in lower margin guarding business.

Operating profit has remained steady with only a modest increase in the year. This has been affected by continued costs relating to the FastVein(TM) development together with increased amortisation and depreciation charges arising from new investments during the year.

2015 saw the first payment of the Group's dividend of 0.3p per share which was followed by a further dividend of 0.4p per share paid in January 2016. The Board is aiming to maintain this progressive dividend policy.

S J F Morley

Executive Chairman

 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
  FOR THE YEARED 30 June 2016 
---------------------------------------------------------------------------------------- 
                                                                             As restated 
---------------------------------------------------------------  ---------  ------------ 
 Continuing operations:                                               2016          2015 
---------------------------------------------------------------  ---------  ------------ 
                                                                   GBP000s       GBP000s 
 --------------------------------------------------------------  ---------  ------------ 
 
 Revenue                                                            19,031        15,829 
---------------------------------------------------------------  ---------  ------------ 
 
 Cost of sales                                                    (15,141)      (12,553) 
---------------------------------------------------------------  ---------  ------------ 
 
 Gross profit                                                        3,890         3,276 
---------------------------------------------------------------  ---------  ------------ 
 
 Administrative expenses                                           (3,675)       (3,081) 
---------------------------------------------------------------  ---------  ------------ 
 Other operating income                                                 23            27 
---------------------------------------------------------------  ---------  ------------ 
 Operating profit                                                      238           222 
---------------------------------------------------------------  ---------  ------------ 
 
  Analysed as: 
 --------------------------------------------------------------  ---------  ------------ 
  Earnings before interest, tax, depreciation and amortisation         588           488 
 --------------------------------------------------------------  ---------  ------------ 
  Depreciation                                                       (109)          (81) 
 --------------------------------------------------------------  ---------  ------------ 
  Amortisation of intangible assets                                  (241)         (185) 
 --------------------------------------------------------------  ---------  ------------ 
  Operating profit                                                     238           222 
 --------------------------------------------------------------  ---------  ------------ 
 
 Finance expenses                                                     (61)          (32) 
---------------------------------------------------------------  ---------  ------------ 
 
 
 Profit before tax                                                     177           190 
---------------------------------------------------------------  ---------  ------------ 
 
 Tax                                                                  (24)            33 
---------------------------------------------------------------  ---------  ------------ 
 
 Profit for the year attributable to owners of the parent              153           223 
---------------------------------------------------------------  ---------  ------------ 
 
 Earnings per share 
---------------------------------------------------------------  ---------  ------------ 
 
 Basic and diluted earnings per share (pence) 
---------------------------------------------------------------  ---------  ------------ 
 - Basic earnings per share                                           0.96          1.49 
---------------------------------------------------------------  ---------  ------------ 
 - Diluted earnings per share                                         0.95          1.49 
---------------------------------------------------------------  ---------  ------------ 
 
 
 
 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
  FOR THE YEARED 30 June 2016 
------------------------------------------------------  ------------------ 
 
                                                            As restated 
 ---------------------------------  ------------------  ------------------ 
 Assets                                 2016      2016      2015      2015 
----------------------------------  --------  --------  --------  -------- 
                                     GBP000s   GBP000s   GBP000s   GBP000s 
----------------------------------  --------  --------  --------  -------- 
 Non-current assets 
----------------------------------  --------  --------  --------  -------- 
 Goodwill                              7,213               5,867 
----------------------------------  --------  --------  --------  -------- 
 Other Intangible assets               1,401               1,041 
----------------------------------  --------  --------  --------  -------- 
 Property, plant and equipment           442                 332 
----------------------------------  --------  --------  --------  -------- 
                                                 9,056               7,240 
----------------------------------  --------  --------  --------  -------- 
 Current assets 
----------------------------------  --------  --------  --------  -------- 
 Inventories                             643                 237 
----------------------------------  --------  --------  --------  -------- 
 Trade and other receivables           3,446               2,290 
----------------------------------  --------  --------  --------  -------- 
 Cash and cash equivalents               392                 839 
----------------------------------  --------  --------  --------  -------- 
                                                 4,481               3,366 
----------------------------------  --------  --------  --------  -------- 
 Total assets                                   13,537              10,606 
----------------------------------  --------  --------  --------  -------- 
 Liabilities 
----------------------------------  --------  --------  --------  -------- 
 Non-current liabilities 
----------------------------------  --------  --------  --------  -------- 
 Deferred tax                          (303)               (244) 
----------------------------------  --------  --------  --------  -------- 
 Trade and other payables              (140)                (40) 
----------------------------------  --------  --------  --------  -------- 
                                                 (443)               (284) 
----------------------------------  --------  --------  --------  -------- 
 Current liabilities 
----------------------------------  --------  --------  --------  -------- 
 
 Trade and other payables            (2,433)             (1,371) 
----------------------------------  --------  --------  --------  -------- 
 Borrowings                            (640)                (27) 
----------------------------------  --------  --------  --------  -------- 
                                               (3,073)             (1,398) 
----------------------------------  --------  --------  --------  -------- 
 Total liabilities                             (3,516)             (1,682) 
----------------------------------  --------  --------  --------  -------- 
 Net assets                                     10,021               8,924 
----------------------------------  --------  --------  --------  -------- 
 Issued capital and reserves 
 attributable to owners of the 
 parent 
----------------------------------  --------  --------  --------  -------- 
 
 Share capital                                     844                 743 
----------------------------------  --------  --------  --------  -------- 
 Share premium                                   6,129               5,230 
----------------------------------  --------  --------  --------  -------- 
 Merger reserve                                  2,139               2,139 
----------------------------------  --------  --------  --------  -------- 
 Retained earnings                                 900                 806 
----------------------------------  --------  --------  --------  -------- 
 Other reserves                                      9                   6 
----------------------------------  --------  --------  --------  -------- 
 Total equity                                   10,021               8,924 
----------------------------------  --------  --------  --------  -------- 
 
 
 
 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
  FOR THE YEARED 30 JUNE 2016 
-------------------------------------------------------------------------------------------------------- 
 
                            Share      Share      Merger     Retained    Undistrib-   Share      Total 
                             Capital    Premium    Reserve    Earnings    utable       Options    Equity 
                                                                          Reserve 
------------------------   ---------  ---------  ---------  ----------  -----------  ---------  -------- 
                             GBP000s    GBP000s    GBP000s     GBP000s      GBP000s    GBP000s   GBP000s 
------------------------   ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 
 At 1 July 2014 
  as previously 
  stated                         743      5,230      2,139         341          422          3     8,878 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Prior year adjustments                                            287        (422)                (135) 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 At 1 July 2014 
  as restated                    743      5,230      2,139         628            -          3     8,743 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Profit for the 
  year as restated                                                 223                               223 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Dividends paid                                                   (45)                              (45) 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Share option 
  scheme charge                                                                              3         3 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 At 30 June 2015 
  as restated                    743      5,230      2,139         806            -          6     8,924 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 New share issue                 101        899                                                    1,000 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Profit for the 
  year                                                             153                               153 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Dividends paid                                                   (59)                              (59) 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 Share option 
  scheme charge                                                                              3         3 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 At 30 June 2016                 844      6,129      2,139         900            -          9    10,021 
-------------------------  ---------  ---------  ---------  ----------  -----------  ---------  -------- 
 
 
 CONSOLIDATED STATEMENT OF CASH FLOWS 
----------------------------------------------------------------------- 
 FOR THE YEARED 30 June 2016 
----------------------------------------------------------------------- 
                                                                     As 
                                                               restated 
-------------------------------------------------  --------  ---------- 
                                                       2016        2015 
-------------------------------------------------  --------  ---------- 
                                                    GBP000s     GBP000s 
-------------------------------------------------  --------  ---------- 
 
 Cash flows from operating activities 
-------------------------------------------------  --------  ---------- 
 
 Profit before taxation                                 177         190 
-------------------------------------------------  --------  ---------- 
 Depreciation, amortisation and impairment              350         266 
-------------------------------------------------  --------  ---------- 
 Loss/(profit) on sale of plant and equipment            10         (2) 
-------------------------------------------------  --------  ---------- 
 Net changes in working capital                       (672)       (118) 
-------------------------------------------------  --------  ---------- 
 Financial expenses                                      61          32 
-------------------------------------------------  --------  ---------- 
 Corporation tax paid                                  (36)        (83) 
-------------------------------------------------  --------  ---------- 
 Net cash (used) in/generated from operations         (110)         285 
-------------------------------------------------  --------  ---------- 
 
 Cash flows from Investing activities 
-------------------------------------------------  --------  ---------- 
 Purchase of business including acquisition           (712)           - 
  costs net of cash acquired 
-------------------------------------------------  --------  ---------- 
 Purchase of property, plant and equipment             (73)       (133) 
-------------------------------------------------  --------  ---------- 
 Proceeds on disposal of property, plant 
  and equipment                                          67          49 
-------------------------------------------------  --------  ---------- 
 Net cash used in investing activities                (718)        (84) 
-------------------------------------------------  --------  ---------- 
 
 Cash flows from financing activities 
-------------------------------------------------  --------  ---------- 
 Hire purchase loan repayments                         (38)        (35) 
-------------------------------------------------  --------  ---------- 
 Utilisation/(Repayments) of invoice discounting 
  facility                                              539       (167) 
-------------------------------------------------  --------  ---------- 
 Dividends paid                                        (59)        (45) 
-------------------------------------------------  --------  ---------- 
 Interest paid                                         (61)        (15) 
-------------------------------------------------  --------  ---------- 
 Cash generated/(used) in financing activities          381       (262) 
-------------------------------------------------  --------  ---------- 
 
 Net decrease in cash                                 (447)        (61) 
-------------------------------------------------  --------  ---------- 
 Cash and cash equivalents at beginning 
  of period                                             839         900 
-------------------------------------------------  --------  ---------- 
 Cash and cash equivalents at end of the 
  period                                                392         839 
-------------------------------------------------  --------  ---------- 
 

Prior year restatement

There has been a restatement of the prior year comparatives as detailed below:

1. the Board has determined that a reserve of GBP422k previously disclosed as undistributable is, upon consultation with the Company's auditors, more correctly reclassified as distributable. The GBP422k has been transferred to retained earnings and is available for distribution by way of dividend in accordance with the progressive dividend policy of the group;

2. a change in accounting standards has required the Company to accrue for holiday pay at group and subsidiary level, and an improvement in electronic processes to record employee's accrued holiday entitlement has allowed the Board more accurately to determine the correct level of accrual for holiday pay required. This has resulted in the need to restate the prior year and previous years by GBP27k and GBP169k respectively. The reduction in the prior year reserves is therefore the addition of the two amounts, GBP196k, less tax effects. Profit before tax and retained earnings for the year ended 30 June 2015 is reduced by GBP27k and the associated tax credit.

3. an intercompany re-charge processed in a subsidiary was not correspondingly reflected in the parent with the result that profit before tax for the year ending 30 June 2015 was overstated by GBP142k. Procedures in place will now prevent a recurrence of this. On 8 June 2016, the Company notified of this administrative error in the published accounts for the year ended 30 June 2015, which was intended to be corrected by adjustments in the current year. Having consulted with the new auditor, however, the directors have decided that adjustments should be made in the corresponding period as a prior year restatement. Again, the quantum of retained earnings brought forward at 1 July 2015 less tax effects has been commensurately reduced.

Basis of preparation

The Group financial statements have been prepared and approved by the directors in accordance with International Financial Reporting Standards (IFRSs), International Accounting Standards and Interpretations (collectively "IFRS") issued by the International Accounting Standards Board (IASB) as adopted by the European Union ("Adopted IFRS's").

While the financial information included in this preliminary announcement has been computed in accordance with Adopted IFRSs, this announcement does not itself contain sufficient information to comply with Adopted IFRSs.

This preliminary announcement does not constitute statutory accounts of the Group for the years ended 30 June 2016 or 30 June 2015.

The financial information has been extracted from the statutory accounts of the Group for the years ended 30 June 2016 and 30 June 2015. The auditors reported on those accounts; their reports were unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis.

The statutory accounts for the year ended 30 June 2015 have been delivered to the Registrar of Companies, whereas those for the year ended 30 June 2016 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

The Annual Report will be posted to all shareholders who have requested a copy on 22 November 2016 and will be available on request from Unit 6 Fulcrum 4, Solent Way, Whiteley, Hampshire PO15 7FT and on the Company website at http://www.cssgplc.com/investors/. The Annual Report contains full details of the principal accounting policies adopted in the preparation of these financial statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR AKDDBDBDBPDB

(END) Dow Jones Newswires

November 22, 2016 02:01 ET (07:01 GMT)

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