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How Wayne Money is leading the fight against terrorism – MoneyWeek

Erumawasvaluedat£3。

4mwhenitcameontothe?

AIMin2005。

Sevenyearslater,itisvaluedatjust£2m。

Its2007acquisitionofIlluminexhas,untilrecently,beenadisappointmentandithastakentimetoconvincecustomersofitssecurityblinds。

ButMoneyreckonsthatErumaisnowturningthecorner。

Iamveryupbeatatthemoment,hetoldmeoverlunch。

Andhehasgoodcausetobe。

Erumahasfinallycaughttheattentionofthesecurityworld

Forme,Erumahasalwayshadonegreatattraction–itsproduct。

Eruma’ssecurityblindsareremarkablysimpleandyetveryclever。

Ataglancetheylooklikeverticallouvreblindsbuttheyareinfactmadeofmetalandifsomebodywastoletoffabombinthevicinity,theyinstantlysnapshut,formingaprotectivebarrierandpreventingshardsofwindowglassfromflyingintothebuilding。

Whileyoumightnotworryaboutbombsgoingoffoutsideyourhome,thoseresponsibleforembassiesandbanks,especiallyinvolatileareassuchastheMiddleEast,areacutelyawareoftheserisksandarepreparedtopaythec。

£2,000costperwindowtoensureprotection。

Thisisaproductthatistechnicallysmartandappearstohavenocurrentcompetition,andearlierthisyearMoneywentonstageattheCounterTerrorismandSpecialistSecurityAwardsdinnertotakethetopprizeintheBuildingandFacilitiesProtectioncategory。

Thisisnicerecognitionfromthoseinthebusinessbut,moreimportant,Eruma’ssecurityblindsarefindingrecognitioninthemarket。

Aftertheperiodofgestationthatappliestoanynewproduct,salesarenowbeginningtoaccelerate。

Thewordisspreading,andinsteadofhavingtocoldcallcustomers,ignorantofsecurityblindsandwaryoftheirmerits,enthusiasticbuyersarenowringingEruma。

Erumaisoncourseforitsfirstannualprofit

Eruma’smostrecentcontractawardwaswithamulti-nationaloilcompanyinBaghdad。

AndgiventhatErumahasaglobalmarketandthatterrorismisnotlikelytogoaway,Iwillbesurprisedifwedonothearofmorecontractsbeforelong。

But,whilethissideofthebusinessisreallystartingtotakeoff,thereisfurthergoodnews–thelightingbusinessisalsogatheringpace。

Lastyearsecurity,includingEruma’sbarriersthatprotectagainstramraidsonwarehouses,accountedforabout80%ofEruma’s£2。

4mrevenue,andlighting20%。

ButthisyearMoneythinksthatthesplitwillbecloserto50/50。

Giventhesecuritysideisdoingwellthatimpliesthat2012revenuescouldtop£4m,andthatcouldbeenoughtoseeErumatoitsfirstannualprofit。

Havingoriginallyfocusedonemergencylighting–thesortoflightingtracksthatyouseerunninguptheaisleofanaeroplaneforexample–Eruma’sIlluminexsubsidiarynowoffersacompleterangeandisbenefitingfromaswitchtowardsenergysavinglights。

ThankstoLEDlights,whichlastlongeranduselesselectricitythantraditionalforms,theiradoptionoffersaswiftandpainlessroutetoachievingcostsavingsaswellasreducingthecarbonfootprint。

Illuminexhasteamedupwithprojectmanagersandhasstartedtowinbusinessnotablyinthepublicsectorwhereithasreportedcontractswithschools,theNHSandthepolice。

Iamnotinterestedinselling

MoneywaskeentopointoutthatErumahadinfactachievedaprofitinthesecondhalfof2011,butthisyearitshouldcertainlydoevenbetter。

AsIhavepointedoutbefore,intheabsenceofrecurringrevenuefromservicecontracts,thebusinessreliesonnewsalesandifsalesreallytakeoffErumamayneedmoreworkingcapitalofthetypethatUKbanksnolongerseemtoprovide。

Butthatwouldbeaniceproblemtohave。

GiventhepublicitythatErumareceivedattherecentawardsdinnerIaskedWayneifarivalmightbetemptedtobuyEruma。

Hisanswerwasclear。

Iamnotinterestedinselling,hetoldme。

Shareholdershavesupportedthebusinessforlongenough。

IwillnotbehappyuntilIseethemwithaprofit。

Arefreshingview。

ButthenWayneMoneyisaveryniceguy。

Soitdidnotsurpriseme。

ThisisacompanythatI’llcontinuetofollowverycloselyinthemonthsahead。



ThisarticleistakenfromTomBulfordsfreetwice-weeklysmall-capinvestmentemailThePennySleuth。

SignuptoThePennySleuthhere。

InformationinPennySleuthisforgeneralinformationonlyandisnotintendedtoberelieduponbyindividualreadersinmaking(ornotmaking)specificinvestmentdecisions。


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