Digital Barriers confident on future
DIGITAL Barriers believes it is well-placed to take advantage of the UK Government’s new national security strategy and demand for security products globally after unveiling its first results since launching on the AIM market.
In the seven months to the end of September, Digital Barriers made a pre-tax loss of £2.02m but posted revenue figures of £1.32m.
Digital Barriers bought Leeds-based video surveillance company COE earlier this year in a deal valuing the company at around £3.3m, one of four acquisitions made during the year.
In a stock market update today the company said it could benefit from the UK Government’s spending promises on counter-terrorism and cyber security as well as its support for technology exports.
Tom Black, executive chairman of Digital Barriers, said: “I am pleased with the progress that Digital Barriers has made since its IPO in March.
“We came to market with a plan to build a new leading player in the homeland security market and we have wasted no time in getting to work. Homeland security remains a large, growing and dynamic global market place.
“Whilst these are still early days, I believe that the four acquisitions we have made so far this year create a solid base on which we can continue to extend the scope and capabilities of our business in the months and years ahead.”
The company forecast making further acquisitions of companies with revenues of up to £10m and set out plans to develop its presences in the UK and Singapore as well as establishing demand for services in the US and Middle East.
