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CSSG Croma Security Solutions Group Plc

-1.50 (-2.26%)
Last Updated: 08:08:26
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
  -1.50 -2.26% 65.00 3,357 08:08:26
Bid Price Offer Price High Price Low Price Open Price
63.00 67.00 66.50 65.00 66.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Srch,det,nav,guid,aero Sys 42.83M 3.7M 0.2695 2.41 8.92M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:03:34 O 303 65.9999 GBX

Croma Security Solutions (CSSG) Latest News

Croma Security Solutions (CSSG) Discussions and Chat

Croma Security Solutions Forums and Chat

Date Time Title Posts
17/11/202314:41Croma Security Solutions - The Long Story419
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
2023-12-07 15:25:4364.00413264.32O

Croma Security Solutions (CSSG) Top Chat Posts

Top Posts
Posted at 08/12/2023 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 66.50p.
Croma Security Solutions currently has 13,729,720 shares in issue. The market capitalisation of Croma Security Solutions is £8,924,318.
Croma Security Solutions has a price to earnings ratio (PE ratio) of 2.41.
This morning CSSG shares opened at 66.50p
Posted at 15/11/2023 21:18 by effortless cool
Just caught up on the investor presentation, which can be found at the link below for anyone interested.

Very encouraged by what was said. Highlights:
- Continued commitment to the listing
- Commitment to the progressive dividend strategy
- Acquisitive in a sector with lots of bite-sized opportunities and no M&A competition
- Five to six acquisitions a year easily achievable
- Working with broker to get analyst forecasts published.

The last of these is particularly important. In my opinion, this share is absurdly underpriced and I think a big part of that is the lack of analyst forecasts. It has characteristics that should make it attractive to high net worth private investors but has been largely ignored to date. Lack of forecasts must be a big factor in this; many investors rely on analysts, rather than doing the work themselves. Further, CSSG will not feature in commonly used stock screens without published forecasts.
Posted at 15/11/2023 10:36 by smithie6
...your claim that this CFO is probably poor !

If so she would probably be the only poor qualified working accountant/CFO in the UK !!
....imo accountants & CFOs get paid well. They are controlling money & use X years to become qualified.

Her share buy was merely a token gesture imo, of a similar number of shares to the share options she was given. It was probably agreed verbally that she would do it in return for getting the share options.


But, yes, a director buying some shares is definitely a better sign than if they were selling !
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."


"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 07/11/2023 08:28 by rivaldo
A rather encouraging tone to this morning's prelims.

CSSG achieved £950k continuing EBITDA against the £7m m/cap (and £427k PBT), with a £2.14m cash pile plus a further £5.43m receivable from the sale of Vigilant in the form of Loan Notes and redeemables.

CSSG generated almost £1.3m cash from continuing operations in the year.

- there's also a 2.2p final dividend
- more acquisitions are in the pipeline
- ILOQ sales are already at £0.32m with further orders secured

Most importantly, the outlook statement is nicely positive:


The year has started well with a number of new commercial orders and the continued success of ILOQ. We believe that we will be able to drive sales growth organically through new sales and marketing initiatives, expanding our network of sales people, and focusing on the development of our online presence. We will also expand the network via acquisition - the pipeline is promising. The Croma balance sheet is strong, we are cash generative, and we are well-placed to take advantage of the opportunities ahead."
Posted at 04/8/2023 13:17 by rivaldo
CSSG have already received £2.14m of cash from the buyers of Vigilant. The likelihood on any reasonably optimistic view of the future is that the rest will be paid, particularly as on any default CSSG have the right to step in and take control of Vigilant.

Vigilant made £0.7m operating profit last year and only £0.28m EBITDA in H1'22 due to investment in the large new contract win. Given this, £7.6m appears to me to be a rather good price for a company in Vigilant's sector, and a bird in the hand for CSSG rather than waiting for new contracts to pay off.
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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