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DATE: June, 2019

The Greek market of private security services and electronic security systems has been growing over the past years

-The value of the private security services market has been rising constantly since 1998 through 2009, with an average growth rate of 19% per year.
-Guarding services have accounted for the lion's share of the overall domestic market during the past six years. Electronic security systems and alarm control center services also have considerable market shares.
-Heightened competition results from the abundance of companies.

The sector of private security services consists of guarding services, airport security services, money transfers and transfers of valuable objects, as well as electronic security systems. The latest changes and development prospects in the particular sector are presented in the fourth edition of the respective sector study recently carried out by the ICAP Group Department of Economic Research.

There are only a few large-sized businesses in the sector of private security services; most are relatively small-sized ones. One of the sector's key features is the differentiation among the range of products and services offered by each company. Several security services companies also import and sell electronic security systems (alarms, CCTV, etc.).

Not many companies import and sell security systems alone, without providing services via control centers, while some also import other electronic and electric hardware.

Among the key drivers of demand is the development of business as well as the completion and operation of big projects by the public and private sector. Crime levels also shape the demand for private security services and electronic systems since they bring about feelings of insecurity among the population.

According to the findings of the sector study, the total domestic market of private security services (in terms of value) rose between 1998 and 2009, at an average growth rate of 19.2% per year. In 2009, in particular, there was an increase of 6.6% from 2008.

The market of guarding services had an average growth rate of 9.5% per year from 2004 to 2009. The above category accounted for 59.2% of the total market value in 2009. The money transfer and transfer of valuable objects categories had an average growth rate of 11.8% that period, gaining an 11.2% share of the overall market in 2009.

The market of electronic security systems (including alarm control centers) advanced at an average rate of 15.8% in 2004-2009, reaching a share of 19.9% in 2009. Finally, airport security and aviation security services also enjoyed growth (with an average annual rate of 11.7% between 2004 and 2009) and accounted for 9.7% of the total value in 2009.

The sales (in value) of electronic security systems by companies which run a purely commercial business (imports, marketing, installation, maintenance) without providing control center management services, have been on the rise in the past years, growing 5% from 2008. For 2010, industry insiders believe that the market will continue to grow more or less at the same pace as in 2009.

A financial analysis of companies that provide security services was conducted for the purposes of this study. The consolidated balance sheet that was drawn up for 39 businesses which published their financial data for 2007-2008, demonstrates the following:

The total sales of the profiled businesses registered a 13.4% increase in 2008, with their gross profit rising by 29.1%. This led to the increase of their total net profit to €15 million in 2008, from €7.7 in 2007. Their EBITDA advanced 57.3% in 2008.

As for companies that import and market electronic systems, based on the consolidated balance sheet of 21 such companies, the following may be pointed out:

The total sales of these profiled businesses registered a 15.1% increase in 2008. Meanwhile, their gross profit rose by 15.4%. All this led to a higher net profit before tax (+12%) in 2008/2007. EBITDA also advanced over the assessed period of time, by 14.9%.


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