Security firm Croma's shares march higher

SHARES in Croma Group, the Dumfries-based security firm run by former soldiers from the Black Watch, jumped by almost a fifth yesterday after the company unveiled a surprise double-digit rise in turnover.

In a short pre-close update ahead of its full-year results, the firm said growth in the year to 30 June had exceeded the board's expectations, with revenue up 21 per cent to 8.5 million.

Chief executive Sebastian Morley said: "In light of recent significant contract wins, the board is optimistic for the group's prospects in 2012.

"Croma's strong performance in a competitive market has justified the board's decision to refocus Croma as a total security services business. The implementation of this strategy has been accelerated by the joint venture with CSS Total Security."

The update comes just days after the security specialist announced a pair of contracts, worth 1.5m over the next three years, to protect "business leaders, footballers and celebrities" living in gated communities in central London and Surrey.

Aim-quoted Croma will add a further 40 staff to its headcount of 450 to fulfil the contract, won by its Vigilant Security Services subsidiary, which uses only ex-soldiers as security guards.

Croma's joint venture with CSS, which was signed in April, last month yielded the largest contract to date for its Photobase subsidiary, in a 450,000 deal to develop security software.

The firm's shares gained 19 per cent to 1.75p.