Newmark Security (AIM:NWT) – confirmation of big contract hints at potential
The security solutions group has announced the award of a significant contract for its wholly owned subsidiary, Grosvenor Technology. The contract was referred to in the results announcement but the formalisation of this is all the more reassuring.
The contract, for a period of 10 years with guaranteed revenues of US$6m over the first five years, is with a major Global Workforce Management partner and covers the development, manufacture and supply of one of Grosvenor’s next generation terminals. Workforce Management, an arm of Grosvenor, specialises in the provision of advanced IT clocks and terminals to ensure businesses can manage their workforces in a non-invasive manner, whilst enabling real-time reporting for informed decisions relating to safety, security and effectiveness of their workforce. The development costs of the new terminal will be partly funded by the Partner and include incentives…