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CSSG Croma Security Solutions Group Plc

68.50
1.00 (1.48%)
18 Mar 2024 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  1.00 1.48% 68.50 12,448 16:05:08
Bid Price Offer Price High Price Low Price Open Price
65.00 72.00 68.50 67.50 67.50
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
Last Trade Time Trade Type Trade Size Trade Price Currency
16:05:49 O 500 66.21 GBX

Croma Security Solutions (CSSG) Latest News

Croma Security Solutions (CSSG) Discussions and Chat

Croma Security Solutions Forums and Chat

Date Time Title Posts
21/2/202414:33Croma Security Solutions - The Long Story431
07/11/201920:18Croma Group553

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Croma Security Solutions (CSSG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 16:05:5066.21500331.05O
2024-03-18 16:04:5869.503,0152,095.43O
2024-03-18 13:46:0970.002,6211,834.70O
2024-03-18 12:34:2370.003,4222,395.40O
2024-03-18 11:24:5969.402,8902,005.66O

Croma Security Solutions (CSSG) Top Chat Posts

Top Posts
Posted at 18/3/2024 08:20 by Croma Security Solutions Daily Update
Croma Security Solutions Group Plc is listed in the Srch,det,nav,guid,aero Sys sector of the London Stock Exchange with ticker CSSG. The last closing price for Croma Security Solutions was 67.50p.
Croma Security Solutions currently has 13,729,720 shares in issue. The market capitalisation of Croma Security Solutions is £9,404,858.
Croma Security Solutions has a price to earnings ratio (PE ratio) of 2.54.
This morning CSSG shares opened at 67.50p
Posted at 21/2/2024 11:04 by rivaldo
Nice upwards breakout on the chart this morning.

WH Ireland are still waiting to publish new forecasts. They don't add much to this morning's RNS, but conclude:

"WHI view:

Today’s update highlights a favourable start to the second half. The previously announced NHS trust maintenance renewal in respect of the security needs of a group of hospitals highlights CSSG’s strong, embedded relationships with its client-base and the fact that a noteworthy proportion of its business is longer term in nature.

Encouragingly, though the quantum is not specified, the company is highlighting a robust pipeline of potential contracts in the entertainment and utilities areas. CSSG has announced contracts with major cinema groups, and we believe there are potentially some further promising prospects for the company, particularly as it continues to roll out its product across new and extended geographies."
Posted at 12/2/2024 09:47 by rivaldo
New buy recommendation for CSSG on HotStockRockets (subscription-only though):
Posted at 29/1/2024 09:53 by rivaldo
WH Ireland are still waiting to produce new forecasts, but make some useful points:

"Croma Security Solutions (CSSG) – Corporate – H1 update: rapid pace of growth;
contract streams underpin; M&A offers good opportunities"

"We are encouraged by the continuing positive pace of growth, which we view as both organic and acquisition based. On the score of organic growth, we note last week’s release by the Home Office of data relating to outcomes following a crime, which shows a further increase in the year to September 2023 in unsuccessful investigations (“completed without suspect”) to over 40% of total crimes, in addition to c.38% described as posing “evidential difficulties”, while criminals charged are under 6% (2014:17%). We anticipate that underlying demand for CSSG’s services will continue to grow."

"We believe that many more consolidation opportunities of this kind are available for CSSG. It is important to note the cash available to the company to generate earnings enhancing growth through market consolidation, given that in addition to the last announced year end net cash of £2.1m, further substantial payments are to be expected in respect of Vigilant (£0.5m cash payment in March ’24 to be followed by a further nine payments of c.£0.4-0.5m each, plus the redemption of £1.3m of Vigilant shares anticipated for July 2024)."

"WHI view: In addition to underlining the consolidation opportunity for CSSG, this
morning’s update provides further evidence of the very reasonable prices that
the company is paying for its acquisitions, with the most recent £0.4m
consideration paying for a profitable two-site business and additionally including
a site valued at £0.35m freehold. With sites typically turning over revenues in
the range of £300-350k (though these can be more sizeable or smaller), we believe that the resources available to CSSG make a meaningful site acquisition programme, further expanding the national geographical footprint and offering operational gearing opportunities, very much within the company’s grasp.

Also in this morning’s update, it is good to see the contract renewal with an NHS trust. Historically, CSSG has announced similar contracts, and combined with contracts with national cinema chains and other major clients, we believe that these renewals indicate a helpful strand of repeat earnings where the company is effectively well embedded with its clients."
Posted at 08/1/2024 13:34 by camerongd53
An announcement of acquisitions has been exxpected for some time now.
lack of news on actual/projected turnover and when they expect the acquisitions to be profitable etc. would have been useful for assuring shareholders.
Hopefully this and acquisitions in the pipeline will move the ccompany and share[price forward
Posted at 14/11/2023 11:58 by rivaldo
Yesterday's Investor Meet presentation is well worth a watch. It was interesting that the share price was rising during and after the presentation!

"Several" acquisitions per annum are promised, with apparently "dozens" in the pipeline to be assessed. There is no competition out there for these locksmith outlets.

These outlets can post-acquisition be (1) upskilled and upbranded with a much larger product range including entry alarm systems etc and (2) will enjoy substantial benefits of scale and cost synergies in terms of cheaper buying costs, use of central services and therefore cheaper overheads etc:
Posted at 13/11/2023 10:02 by rivaldo
Good to see only around £15k's worth of shares bought this morning having a nice effect on the share price. Perhaps not much stock around.
Posted at 07/11/2023 14:33 by rivaldo
Good to see a mere £800 moving the share price up. Hopefully indicates not much stock around.
Posted at 07/11/2023 08:59 by rivaldo
WH Ireland aren't yet publishing full forecasts following the Vigilant disposal, but anticipate doing so, and note that a rating "on an EV/EBITDA basis below 5x
does not seem overly demanding".

They summarise:

"Croma Security Solutions (CSSG) – Corporate – FY results reflect continuing
strong momentum
Market Cap: £5.8m

FY results from CSSG this morning reflect very healthy growth from the continuing
business following the disposal of Vigilant. The company is a leading provider of
specialist security products, notably locks and related devices; and beyond this,
of electronic security products and monitoring services, with 14 security centres
in the UK.

Continuing revenues for the year to June ’23, at £8.03m 38% ahead
YoY, included significant underlying growth of 21%, while the overall underlying
(ex-Vigilant) gross margin has also moved ahead YoY at 46.7% (was: 43.9%).
Overall EBITDA at £0.954k was 78% ahead YoY, and continuing PBT / EPS also well
ahead – £0.4m continuing PBT plays £0.1m in the prior year.

Net cash is very healthy at £2.1m, notwithstanding substantial investments – and further substantial payments are to be expected in respect of Vigilant, with a £0.5m cash payment in March ’24 to be followed by a further nine payments of c.£0.4-0.5m each, and the redemption of £1.3m of Vigilant shares anticipated for July 2024.

Overall, the results suggest that the group is making excellent progress in its new shape, while encouragingly, current trading is said to be good."

Also:

"The company is a beneficiary of underlying drivers, notably concerns over
rising crime, increasing corporate risk aversion and regulation, and CSSG’s ability
to meet changing demands from its customer base."

"Moreover, CSSG’s core market offers fertile opportunities for consolidation, and
with a meaningful funding stream deriving from the disposal, we view the
company as extremely well-placed to pursue further accretive acquisitions in line
with its stated strategy."
Posted at 08/6/2023 08:29 by rivaldo
For the record here's WH Ireland's summary of the deal - the sale "looks to us like a good outcome for CSSG" on a historic EBITDA of 9.46:

"Croma Security Solutions (CSSG) – Corporate – Successful disposal of Vigilant,
subject to shareholder approval
Market Cap: £7.1m Share Price 47.5p

CSSG’s announcement this morning brings to a successful conclusion, subject to
shareholder approval, the disposal process for Vigilant, its manned guarding
operation, announced at the company’s AGM at the start of December last year (2022). The overall strategy behind the disposal recognises the disparity between
the ongoing CSSG businesses (Security Systems and Locks) on the one hand and
Vigilant on the other, and the relative lack of cross-selling opportunities between
the sides of the business prior to the disposal. In addition, in terms of the
fundamentals, notably, firstly, the ongoing businesses are higher margin operations than Vigilant, which operates at the upper end of the mid-single digit operating margin level typical of manned guarding businesses. Secondly, we note the consolidation opportunities which CSSG perceives in the wider locksmith market in particular, lending further logic to the deal from the company’s perspective.

The company also updates on FY23E trading in the eleven months to June ‘23, which is said to be ahead both consecutively – H2-23E as against the half year to
December ’22 – and on a full year basis, and across the business. Positive news,
this suggests resilience / growth in the underlying markets for the ongoing group,
with further market penetration a consistent theme.

WHI view:

In terms of the disposal price, CSSG has disclosed revenues, EBITDA and operating profit for Vigilant of £29.3m, £0.8m and £0.7m respectively for year to June ‘22. Given the effective overall sale price of £7.57m, based on a consideration of £6.5m plus inter-company balances of £1.07m, the implied historical ratio of 9.46x EBITDA looks to us like a good outcome for CSSG. Subject to details of the final deal structure, CSSG within the overall £7.57m will receive on completion either £3.4m or £2.1m in cash, with further cash payments starting at March 31st 2024 and over the following nine quarters. Following the recent Safecell announcement, the company has already announced its intention to continue to take advantage of the consolidation opportunities in its markets as it grows its national footprint, with further acquisition opportunities identified. With no forecasts in the market at this point, we await developments post-the General Meeting announced for June 30th."
Posted at 22/12/2022 09:24 by rivaldo
WH ireland's latest update is out, and once again includes no forecasts, but is at least a decent summary of where CSSG are at following the Safecell acquisition:

"Croma Security Solutions (CSSG) – Corporate – Complementary acquisition in security and locksmiths’s reflects significant m&a opportunities
Market Cap: £8.9m Share Price 55.5p

This morning’s RNS from CSSG provides further colour to the significant m&a /
consolidation opportunities in security systems and locksmith’s following the recent AGM update which outlined the potential divestment of CSSG’s specialist guarding services. A price of c.£0.75m for Safecell Security Group equates to a sub-4x historic PBT multiple based on the eleven months to November 2022, an undemanding multiple in our opinion.

Moreover, based in Manchester, the acquisition is highly complementary from a
geographical point of view, since the company already has activities in Bury, North of Manchester as well as the Safeguard business in Warrington which the company acquired last year.

We view the acquisition, although small, as very supportive of CSSG’s business going forward: (1) We note that experienced management at Safecell is staying with the business; (2) bringing the two Manchester operations together with this one is likely to create operational synergies, (3) cross-sells of the spread of services within the group are likely. Safecell is primarily a security systems business, with margins to match – typically these are 20% or more at an operating level, as reflected in CSSG’s own historic margins.

As a synergistic opportunity, Safecell is likely to enhance the overall margin while, as stated in the announcement, providing earnings enhancement.

WHI view: With significant change at group level waiting potentially in the wings (the disposal of Vigilant removes 83% of sales but less than half of operating profits), the company as a whole is becoming a higher margin business - respectively 14% and 19% at Locksmith’s and Systems in reported FY22A EBIT margins in the prior year, as opposed to the low single digit margins for Vigilant which are typical of a manned guarding business.

As the company has highlighted before, the consolidation opportunities continue to be strong as well as the prospect of building a national security centre. In relation to Vigilant, it is important to remember that disposal discussions are said to be at an early stage and that there is no inevitability to the proposed divestment either to members of the management team or anyone else. However, assuming that the divestment does occur, we read this morning’s announcement as helpful in further highlighting the close match of such opportunities as Safecell."
Croma Security Solutions share price data is direct from the London Stock Exchange

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