Maxsec boosts profits by 123 per cent

Maxsec boosts profits by 123 per cent

Australian electronic security company seeing growth in the Middle East

Australian electronic security company, MaxSec, has posted its fifth consecutive full year profit, boosted by growth in the US, Middle East and South East Asia.

While gross margin fell from 64.6 per cent to 50.2 per cent, revenues overall were up 65 per cent for FY15, from $3.14 million to $5.2 million. Net profit after tax was up 123 per cent, from $187,000 to $411,000.

It has also opened an office in Dubai, to cater to the "buoyant" Middle Eastern market.

The company has released a new set of stand alone and integrated biometric security solutions, which have fuelled growth as older, less secure legacy security systems fall out of favour in the market. The company said in a statement that a popular proprietary access control smart card and reader technology used by a large number of organisations has been hacked, including the leaking of all its secret encryption keys - making all users suspectible to unauthorised intrustion.

This ties into the fact that over the 2012-2014 period the number of attempted terrorism attacks has doubled in frequency, driving demand throughout the physical electronic security market. MaxSec believes that the increased demand for electronic access control, combining authentication and verification has been vital.

Customers are now demanding high security products such as encrypted, uncompromised security card systems, multi-factor authentication (card, PIN and biometrics), and standalone verification and authentication biometric devices.

The company has appointed four new distributors in the last twelve months, and now boasts Honeywell, NESS, Seadan, LSC, Transtech and SAT. Its system integrators now include Siemens, Schneider Electric and Secom, amongst others.

Maxsec already provides security solutions to the Australian Federal Police, Qantas, several of Australia's airports, the Australian Tax Office, ASIC, and the Federal Government, alongside most local governments. Overseas it boasts key clients such as the Metropolitan Police, the BBC, and the British Home Office.

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