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Croma Group (LSE:CMG) announced this morning that it has been awarded a contract worth £5.75 million over the next 5 years.
Contract Details
At this early stage, details are not forthcoming as to who awarded the contract, other than that it is “a major listed London property group”. The contract, worth £1.15 million per year, was awarded to Vigilant Security, a wholly-own subsidiary of Croma in Scotland.
CEO Comments
CEO Sebastian Morley emphasised the strength of the company’s deliverables, saying,
“Once again our success highlights that the security service offered by our ex-military security professionals is recognised by the market as potent and attractive.”
He went on to underscore the importance of the new agreement:
“This contract award represents a significant win with one of London’s major property groups to provide asset protection through Vigilant.”
Market Response
Croma shares began to trade with vigor following the announcement with the price rising through the morning. By late morning (10:58 GMT) the share price had risen by 27.54% on a volume of 11.8 million. By noon the share price had risen 31.8% on 12.9 million shares traded.
Company Spotlight
Croma Group provides deliverables in the areas of asset protection, biometrics and identity management, and wireless & conventional CCTV in the interest of homeland security. Customers represent a broad range of institutions and installations, including military and police operations, prisons, border security, air, rail and other public transportation terminals, municipalities, and large corporate entities.
Vigilant Security uses highly experienced ex-military personnel to serve and advise “prominent” individuals and institutions in the UK. Vigilant offers services such as surveillance, investigation, crisis management, asset protection, and close protection. In their own words, “Vigilant provides highly trained teams able to deal with any security eventuality. No job is too esoteric or difficult to solve.”
References
↑ Croma website
↑ Vigilant website
