Newmark Security is an AIM-listed UK group that sells time clocks and the cloud services behind them, mainly in North America, plus door and screen security in the UK. Over 2025-26 the time-clock business (human capital management, or HCM) became the growth engine, while the UK physical-security arm, Safetell, kept losing money. Newmark sold Safetell for £1 to its managing director, and the sale completed on 1 October 2026.
Time clocks that carry a subscription
Grosvenor Technology, the larger division, makes workplace time clocks (GT4, GT4 Lite, GT10) and sells them with a cloud service called GT Connect. It sells mostly through partners: software houses and workforce-management firms such as Paycor, Synerion in North America and Protime NV in Europe. Subscriptions give it recurring income on top of one-off hardware sales. Grosvenor also sells access-control systems (the Janus C4 range).
Safetell, the second division, made and installed physical security: ballistic doors and screens, entrance control and automatic-door servicing. Its customers included banks, supermarkets, prisons and government bodies. By late 2025 servicing, covering over 500 sites, made up 71% of its half-year revenue. 15 Jan 2026 4 Sep 2025 31 Jan 2025
A lost partner, then steady growth
In FY23 the HCM business lost its partner UKG, which management had expected for some time. That cut group revenue in the first half of FY24 even though underlying revenue grew 11%. For the full year to April 2024 revenue rose 10% to £22.3m, and HCM recurring revenue grew 28% to £2.9m.
In June 2024 the board approved a five-year plan built on recurring revenue and services. The shares rose from 52p at the end of October 2023 to 97.5p at the end of June 2024. 25 Jan 2024 10 Sep 2024 31 Jan 2025
Investing, then delays
Spending under the new plan, including more staff, marketing and professional fees, pushed the first half of FY25 to a £0.4m loss. Four large Safetell contracts had slipped into the second half. In January 2025 management said Safetell was on track for full-year growth. Its FY25 revenue instead fell 15% to £4.9m.
The Janus C4 Ultra access-control product was also held up by a software partner. In January 2024 the company said it was on track to finish developing it within the next financial year. The delays continued, and Grosvenor shifted investment to HCM. The group still reached £23.0m revenue and a £0.7m profit after tax in FY25. The shares fell to 70p by the end of December 2024 and stood at 71p at the end of April 2025. 31 Jan 2025 10 Sep 2024 4 Sep 2025 15 Jan 2026 25 Jan 2024
Selling directly to end users
Newmark's main bet was a direct-to-end-user (D2E) route: integrating its clocks with software from Oracle, SAP and Workday, and signing Synerion in April 2025. By the half-year to October 2025 it reported integration with all three, first D2E revenue from Synerion, and HCM revenue up 20% to £7.9m, with North America up 32%.
The group also acted on Safetell and the board. It cut Safetell's annualised salary costs by about 15% and opened a strategic review. After feedback from Thalassa Holdings, a 21.3% shareholder, the company agreed to add two independent non-executive directors. David Marks joined in December 2025 and Jonathan Kempster in February 2026, when Michel Rapoport stepped down. The shares ended October 2025 at 117.5p, their highest month-end close in the period. 30 Apr 2025 15 Jan 2026 15 Oct 2025 9 Dec 2025 10 Feb 2026 8 Oct 2025
Safetell goes for £1
In May 2026 the company said it was in advanced talks with one party over Safetell. On 29 July 2026 it announced the sale to Safetell's managing director, Nicholas Shannon, for £1. Safetell had an FY25 operating loss of £0.6m and net liabilities of £0.4m at 31 October 2025. The company put estimated completion liabilities at £2.0m.
A deferred loan is repayable in £25,000 quarterly instalments from 31 July 2030, subject to Safetell having enough cash. The sale completed on 1 October 2026 after national-security clearance. 21 May 2026 29 Jul 2026 1 Oct 2026
“we are now in advanced discussions with one party and are hopeful this will lead to a definitive transaction in the short term” 21 May 2026
Partners and project timing
Two causes explain most of the record. First, reliance on partners cuts both ways. Losing UKG cut revenue, a European partner's acquisitions slowed orders, and a software partner held up Janus C4 Ultra. In HCM, growth came from GT4 and GT4 Lite sales that displaced competitors, and from new integrations and partners such as Oracle, SAP, Synerion and Legion.
Second, Safetell's project revenue depended on customers' timing, and delays kept recurring. Management repeatedly pointed to a stronger second half. That held for the group in FY25. It did not hold for Safetell's full-year growth. 25 Jan 2024 31 Jan 2025 4 Sep 2025 15 Jan 2026 21 May 2026
Focus on HCM, shed the loss-maker
Marie-Claire Dwek is chief executive, Paul Campbell-White is finance chief and Maurice Dwek is chairman. They put investment into HCM, cut Safetell costs, ran a strategic review and ended up selling Safetell. They also reshaped the board after shareholder feedback. The Access Control strategic review is still ongoing, with a more detailed update promised in the FY26 Annual Report in September 2026. A remuneration review is due to report by the end of September 2026.
In February 2024 the CFO bought 12,000 shares at 82.9p. A holder of 8.78% (Sarah Reid) was recorded as holding 0.0% in March 2025. 15 Jan 2026 21 May 2026 20 Feb 2024 19 Mar 2025
Bigger HCM, heavier debt
On 21 May 2026 the company said FY26 HCM revenue was up 27% to £19.5m, with North America up 43% to £14.1m. It expected group revenue of at least £26m, against £23m the year before. Monthly GT Connect subscriptions reached 97,000, up from 41,000.
Not every measure rose as fast. HCM recurring revenue was £3.9m, the same as in October 2025 and up from £3.6m in April 2025. The company has not said why it lagged the subscription count. Group net debt was £4.8m, against £2.1m a year earlier. In December 2025 the HSBC UK invoice-financing facility was raised by £0.2m to £2.5m. The latest close was 107.5p on 12 October 2026. 21 May 2026 15 Jan 2026
Results due 15 October
In January 2026 the board said it expected FY26 profit after tax above the prior year's £0.7m. It also expected both divisions to beat H2 FY25 revenue and operating profit. Safetell has since been sold. The May update gave a revenue floor but no profit figure. FY26 results were first guided for early September and are now due on 15 October 2026.
Open questions: the profit outcome, how the £2.0m of completion liabilities and the higher net debt play out, what happens to Access Control, and whether recurring revenue catches up with the subscription count. In January 2026 the company said it was in advanced talks with three new North American enterprise HCM businesses. 15 Jan 2026 21 May 2026 29 Jul 2026 8 Oct 2026
Written by AI from Newmark Security PLC's own announcements since Oct 2023 · every paragraph links to its sources