Reliance Security has gone private again.
In the company’s latest interim results, company chairman Brian Kingham said: “Our Patrol Net business has continued to grow with volume up by 14 per cent. Patrol Net will soon achieve an unrivalled critical mass with greater capability to deliver still faster and more flexible nationwide solutions. We have made further progress in the development of new services, including lone worker support and response.”
As for economic outlook, Brian Kingham said: “Uncertainties in the world economy and forecast lower rates of growth in the UK are undoubted harbingers of tougher conditions round the corner but with adversity will come new opportunity.” He spoke of the benefits of the complementary nature of the [facilities management] businesses within the group. “These cost neutral benefits of sharing infrastructure, customer relationships, skills development, management resources, marketing and brand appeal offer powerful competitive advantage …”
The company’s major contract wins include British Telecom (featured in the March print issue of Professional Security) and BSkyB.
In the first half of the year to October 2007 the group’s turnover increased 10.2 per cent to £182.5 million (compared with the same period in 2006: £165.6m). Profit before tax was £4.9 m (down from the same period in 2006: £5.9m). Onthe security side, the report spoke of higher levels of competitive price pressures; turnover increased 12.9pc to £111.7m (2006: £98.9m) and operating profit was £1.3m (down from the 2006 figure of £1.6m).
