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Fire protection services group Marlowe (MRL:AIM) tells Shares that it has received an increase in new business enquiries since the Grenfell Tower fire tragedy in London in mid-June.
Chief executive Alex Dacre says enquiries have included both local authorities and commercial businesses. ‘The clearly terrible events have reiterated the critical importance of fire protection. Compliance is at the forefront of people’s minds,’ he adds.
Marlowe owns a variety of businesses which install and service fire systems and products including alarms, extinguishers, sprinklers, emerging lighting and wire testing.
The company on 29 June reported its maiden full year pre-tax profit, generating £0.7m in the year to 31 March. On an adjusted basis, it made £3.5m profit which nearly all came from the fire division.
The small cap has started to gain traction in the water safety market and says it is looking to further broaden its interests, retaining a focus on markets with stringent regulation and legislation and which provide recurring revenue.
‘We want to go into other sectors which share the same channels to market and which provide cross-selling opportunities,’ explains Dacre. ‘We’ve looked at ventilation hygiene, lift maintenance and electrical compliance. We remain interested in all these markets.’
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