TRADING UPDATE FOR Second QUARTER AND FULL YEAR 2020
Sentinel Group Security (SGS) is a family run, UK based business, delivering security services within the United Kingdom and Ireland. Established in July 2005, our core goal was to deliver excellent, tailored security services to our clients in all circumstances. Whilst much has changed since then our core goal remains the same, delivering a quality service to the highest standards.
Keeping your business safe and secure, in and out of working hours, is paramount. We understand that outsourcing such services is an important decision that is not taken lightly. It is vital to choose the right partner from a crowded market, we are the right security partner to deliver for you. We partner with our customers to provide specialised and effective security solutions, including open-source intelligence reporting, security vulnerability assessments and training. Our capability is defined by our employees and the high level of skills and experience they possess and the procedures they adopt.
At SGS, we pride ourselves on exceeding the security demands of different sectors to ensure satisfaction and peace of mind. We achieve this by providing diligent and quality work reviews combined with ongoing, compulsory staff training with our newly introduced Training Academy. We work closely with our customers to understand their needs which enables us to implement a unique yet cost effective solution that provides the utmost level of service, ensuring the safety and security of our customers and their assets.
Unless stated otherwise, all commentary relates to underlying results for continuing business and is based on un-audited financial information for the twelve months to the end of July 2020 prepared on a accrual basis and as per companies act 2006.
Q2 Review
Commenting on the second quarter and full year trading, SGS MD Graeme Brown words: “I’d like to thank my sales and operations team and colleagues across SGS who, in the midst of the global pandemic, delivered a remarkable operating and financial performance, and ensured to improve our health and safety standards. I’d like to highlight our teams also produced an exceptional commercial performance with new and retained contract wins that have a total revenue value of £8m. These wins reflect the competitive strength SGS.
Trading performance
The company continuing businesses have that level of competencies and capabilities that enabled them to maintain through the balance of the year and delivered a strong and promising results in the 2nd quarter. Revenues were almost with the trends highlighted at the 6th month and profitability margins were maintained as well. Our cash flow benefited from Covid-19 related payroll and other indirect tax deferrals of around £0.8 million.
Contract wins
SGS integrated security strategy continues to differentiate our service offering in key markets and this contributed to an outstanding commercial performance in 2020, with new and retained contract wins with an annual revenue value of £6.5 million compared with £4.5 million in 2019.
