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
  0.00 0.0% 69.50 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
66.00 73.00 69.50 69.50 69.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 32.32 0.09 -0.90 10
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 69.50 GBX

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Croma Security Solutions Daily Update: Croma Security Solutions Group Plc is listed in the Support Services sector of the London Stock Exchange with ticker CSSG. The last closing price for Croma Security Solutions was 69.50p.
Croma Security Solutions Group Plc has a 4 week average price of 69.50p and a 12 week average price of 69.50p.
The 1 year high share price is 81.50p while the 1 year low share price is currently 58p.
There are currently 14,902,142 shares in issue and the average daily traded volume is 5,621 shares. The market capitalisation of Croma Security Solutions Group Plc is £10,356,988.69.
rivaldo: There's definitely an opportunity to adapt the new PROception model to incorporate the COVID opportunity imo - as well as taking advantage of simply the need for additional numbers involved in responsible COVID pass/certificate checking. Let's see if CSSG can take advantage.
rivaldo: It occurs to me that with the likely usage of COVID passes/vaccination certificates, in whatever form, and whether for sports/music/any indoor events or even for restaurants/pubs (unlikely imo), there may be a big opportunity for CSSG in terms of the necessity for a huge increase in front of house reception and security staff.
rivaldo: RNS - director buying. Whodathunkit :o)) It was an Exec. Director who bought that £10k of shares yesterday to take his holding to almost 200,000 shares. Good to see: Https://
rivaldo: EC, your thoughta are appreciated. My own valuation would be higher as imo the £3.9m cash pile against the £10.9m m/cap is so substantial that one should produce a valuation which includes this sum rather than just a P/E based target. Particularly as CSSG are likely to make an earnings-enhancing acquisition using this asset in the near future. WH Ireland have produced a new note on CSSG - this is a "First Light" note and doesn't include forecasts, so I assume this is an initial take which will be expanded upon soon: "Croma Security Solutions (CSSG) –Corporate –Half Year Report: Covid disruption held to minimum; well-placed for the full year Market Cap £10.7m Share Price 72p Generating £0.9m EBITDA in the six months to December 2020 (H1-21E), CSSG has produced a highly creditable set of H1 results, particularly set against the backdrop of the second lockdown, which partially impacted their business as before. Sales overall at £16.4m tailed H1-20A by just 6%, while EBITDA saw a £200k-plus reduction YoY –but it is important to note that this includes some one-time business which was in any case in run-off irrespective of Covid / lockdown, as previously flagged by the company. Net cash at £3.6m is meaningfully up by 89% YoY, reflecting the cash-generative qualities of the business even in difficult times. Encouragingly, trading patterns are good in the current calendar year (FY-21E H2 from thecompany’s reporting perspective). Divisionally, thanks to Covid, this is a tale of varying developments, with the well-respected Vigilant manned guarding operation (manned by ex-military personnel and now offering a well-received front-of-house service) suffering little or no impact from the pandemic –in fact, possibly emerging as a net gainer, and succeeding in growing revenues by as much as 6%. Again, this is highly creditable since we estimate that H1 run-off work may have declined by as much as £100k YoY. In Systems and Locksmiths, revenues fell YoY, inevitably, given that trading was below normal levels due to Lockdown 2; however sales grew strongly as against the second half of the prior year, by some 31%, a tribute to the fact that CSSG’s Locksmith centres were able to open for the whole of the six months to December ’20, as they were not in the first lockdown. That said, Security Systems clients such as entertainment venues remained closed, -bearing everything in mind, we view this as a very decent outcome at the divisional level. WHI view: We expect similar dynamics as before to continue to play out in H2, in other words (1) good underlying growth from Vigilant, which continues to fire on all cylinders, (2) the non-underlying business flagged previously to have been concluded, (3) lockdown generating its own security concerns which are answered by manned guarding supporting Vigilant, (4) continued recovery within the Security Systems and Locksmiths businesses, moderated by Lockdown 3. Looking further forward, we view the company as a gainer from renewed economic activity looked for in the second half of calendar 2021, and see future opportunities within the increased emphasis on security, the strong brands within the group (notably Vigilant) and the excellent track record in winning prestigious local authority and other contracts. The company has highlighted potential consolidation opportunities going forward, and this too seems very believable."
effortless cool: I have certainly been shown to be wildly optimistic in my first projections in late-2019, with current actual earnings less than half the level that I forecast. As a result, I am currently sitting on a large loss. I have not sold, however, because I feel that the story behind the six points that I set out in my investment case remains broadly intact. As to multibagging, CSSG currently has an £11m market cap. I don't see why they shouldn't be able to triple the size of the business over the next five to ten years. Combine that level of growth with operational gearing and multiple expansion and you have a multibagger on your hands. The fly in the ointment is their failure to grow for three years. I need the management to demonstrate that they can deliver top line growth.
bookbroker: It certainly has the possibility to develop, the Fastvein technology is a load of hot air, mentioned many times but is irrelevant. They talk a lot about options in their reports, but never seem to grasp the nettle. This time it mentions other businesses approaching them in the security guarding sector to link up, but why do CSSG need to do that, they have enough expertise and reputation to grow their own business by tendering for contracts. It may be a fragmented industry, but the barriers to entry relatively low, certainly to getting SIA certification. Reputation is everything, and companies like Showsec on the the Manchester Arena contract show that their staff are sufficiently trained to deal with such a serious situation.
effortless cool: Header updated as follows: Revised projections based on the interim results. Revenue .................. 2021 £33.4m .... 2022 £35.5m Reported net profit ...... 2021 £0.53m .... 2022 £0.70m Adjusted net profit ...... 2021 £0.65m .... 2022 £0.78m Reported EPS ............. 2021 3.55p ..... 2022 4.71p Adjusted EPS ............. 2021 4.36p ..... 2022 5.25p Dividend per share ....... 2021 2.15p ..... 2022 2.36p Net cash ................. 2021 £3.82m .... 2022 £3.88m The COVID-impacted 2020 H2/2021 H1 have demonstrated that CSSG can perform profitably even under the most trying circumstances, so downside appears to be limited and the business should be able to reliably keep pumping out enough cash to support a gently progressive dividend. However, top line is the issue here. Revenue showed strong growth up to 2018 H1, but then came to a grinding halt. The business is on the cusp of gaining substantial benefits from operational gearing, if and when they are able to resume a meaningful top line growth trend. If they cannot do that organically, which recent years indicate may be the case, then acquisitions are an alternative route. Encouragingly, in this regard, the interim statement notes the "interesting opportunities which have emerged as a result of the pandemic". My projections assume that revenues recover to historical peak levels by 2022 H2. With these assumptions, and assigning CSSG a target adjusted PE ratio set to 75% of the market average, my valuation increases to 89.5p per share. At 22% above the current price, this represents a BUY under my methodology. I won't be adding to my holding, however, until I see definitive evidence that revenue is increasing at least in line with my projections. I do believe that the Croma business model presents a real opportunity to grow in a fragmented market and the lack of delivery here in recent years has been disappointing. If management cannot achieve at least £18m of half-year revenue by 2022 H2, then I would advocate that the business be put up for sale.
likitorma: Since 2018, there has been hardly any growth in income or profit. These metrics have even been coming down. No growth prospects and cash will likely be wasted on acquisitions which in turn will take ages to be value accretive. Explains why share price fails to move up.
dolittle1: Effortless, that is because i manage the share price in CSSG. Remember last time when i crashed the price after we had a short fight.
rivaldo: My pleasure EC - note the £1.6m EBITDA indicated for the year just ended, and the record cash pile: "Croma Security Solutions(CSSG)̵1;Corporate– Impact from Covid only “slight”, DPS to be reinstated, a further contract win for VigilantMarket Cap £10.2mShare Price 77.5p Yesterday’s update from CSSG reconfirms the positives highlighted in the company’s trading update on June 8th, notably the slight impact of Covid-19, the strong cash position, and the success of its premium guarding services. On the back of these drivers, the dividend is tobe reinstated at a 0.75p levelfor an interim DPS to be paid on September 4th, and this in itself should serve to reflect the company’s confidence in the outlook. In so doing, the Board is carrying through on its promise to review the original decision to suspend, taken early in lockdown, and paying tribute to the resilience of the business. In addition to the comments on trading and the reinstatement of the dividend, the company has announced a new contract win today, worth £1.3mp.a. and starting ten months into the current financial year (year to end June ’21). The contract is to manage the security at the Edinburgh St James centre –a prestigious award which saw a high level of competition, according to the company, and which will include CSSG’sfront of house security service for offices which the company has developedin recent times. WHI view: The typical H1 weighting of the business is present in 2019 / 20, in which the company has indicated that it expected to make £1.6m EBTIDA or more. With some one-off business concluding during the year, this remains a strong number, particularly against the Covid backdrop, which had some impact on CSSG’s retail businesses.The contract win is encouraging as displaying CSSG’s ability to win against strong competition, and the record levels of cash highlighted are also a real positive for the company in the current environment."
Croma Security Solutions share price data is direct from the London Stock Exchange
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