Those punters looking for safety in numbers at services group CSG Holdings might have been a little rattled by an update that showed the acquisitive security & risk solutions division had taken strain during the year to end-March 2019. More seasoned small-cap pundits, however, might be less surprised — remembering how the old Command Holdings struggled to hold firm at the centre following its acquisition spree after listing in 2000. Of course, CSG is of a better pedigree than Command. In its security arm, the company owns a number of brands, like 7Arrows Security and Hi-Tech Security in Mpumalanga; in its facility management arm, it owns cleaning companies like Afriboom and catering services through CSG Food Solutions; and it has a staffing and recruitment arm too. It means CSG has decent cash flows from a diversified spread of services and it boasts strong(er) shareholders like PSG Alpha. It’s also tempting to give CSG some leeway. The security cluster results reflect the one-off s...

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