Newmark Security (AIM:NWT) told shareholders on Wednesday that its HCM division's unaudited revenue rose 5% to £8.3 million in the first half of its 2027 financial year, up from £7.9 million a year earlier, in line with the board's expectations.
The AIM-listed security technology group, which has pivoted to focus on its human capital management (HCM) business, said revenue for the full year is again expected to be weighted towards the second half, as in previous years.
Chairman Maurice Dwek told the Annual General Meeting that Newmark is making good progress on selling its Access Control business, with management in talks with a potential buyer, following the completion of the Safetell disposal on 30 September.
"We believe there are significant cost savings to be made as we become a one business Group," Dwek said, adding that he will cut his own total annual remuneration by around 50% from 1 November, an early outcome of a board review of overheads focused on central costs.
The Remuneration Committee is reviewing the company's long-term incentive plans to recalibrate performance targets following the Safetell disposal and the planned Access Control sale.
Newmark said the board is also focused on reducing net debt, with proceeds from the Access Control sale expected to contribute, after which it will look to balance reinvestment in the core HCM business against shareholder returns, including dividends when prudent.
The board will update shareholders on these matters when it publishes its half-year financial report in January 2027.
Read more about Newmark Security