Electronic market the key for Chubb

SECURITY group Chubb has posted full-year profits for 2001 in line with expectations and says it expects to increase its market share this year, particularly in the electronic security market.

The firm, whose products and services include closed circuit TVs, keycard access systems and security guards, said it made a profit before tax, exceptional costs and goodwill of £113.1m in the year ended December 31.

Comparisons with 2000 figures are misleading due to Chubb's demerger from the Williams conglomerate in November that year. Analysts had forecast a profit of between £107m and £115m pounds for 2001.

Chubb's chief executive Robert Gasparini said the group has made good progress at all levels with sales rising 9% to £1.5bn.

Gasparini added: 'The markets in which we operate continue to offer attractive growth, and Chubb's unique combination of breadth of service, geographic reach and brand recognition will allow us to take further market share.'

The group committed £203.6m to acquisitions in the year almost exclusively in the faster growing electronic security sector, which grew by 18% over 2000, and now accounts for 50% of total sales, compared to 47% in 2000.

Chubb said further acquisitions would help to continue to develop profitable growth while the security services market is showing resilience and outperforming the wider economy.