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15 Jun 2020 | 10:02

Croma Security secures 'significantly expanded' contract with London developer

(Sharecast News) - Locksmiths and security company Croma Security Solutions has been awarded a "significantly expanded contract" with an unnamed owner and developer of central London property. Croma said its new contract was for a period of one year with a further two-year extension possible and was worth £5m per annum, replacing an existing contract worth £3.6m.

The AIM-listed group will provide a new "groundbreaking" hybrid service - combining premium manned guarding services for 27 commercial and residential central London buildings together with front-of-house services using security trained receptionists.

Croma said its new style of front-of-house service had been developed internally under the brand Croma PROception and with the assistance of former policewoman Ruth McGowan.

Chairman Sebastian Morley said: "PROception is a compelling concept. Offering it as a hybrid service with premium manned guarding is a natural fit and we believe takes front-of-house services and guest experience to the next level.

"There is little doubt, the modern security market is evolving rapidly reflecting the increasing importance clients attach to managing risk and as a consequence, they have rising expectations in terms of services."

As of 1000 BST, Croma shares were up 9.09% at 78.0p.
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