21st Century Technology Shares Jump As It Swings To Interim Profit

LONDON (Alliance News) - 21st Century Technology PLC on Monday said it swung to a profit in the first half of 2018, boosted by new contract wins in its Fleet Systems segment.

Shares in 21st Century Technology were trading 14% higher on Monday at 4.00 pence each.

The tailored transport solutions provider swung to a pretax profit of GBP354,000 in the first six months of 2018 compared to a GBP266,000 loss reported for the same period a year prior.

Revenue rose by 14% to GBP6.4 million from GBP5.6 million.

On a divisional basis, the Fleet Systems unit revenue grew to GBP4.1 million from GBP3.5 million, while revenue in the Passenger Systems division came in at GBP2.3 million, up from GBP2.1 million generated a year prior.

The Fleet Systems performance was boosted by securing a three-year technical services partnership with London bus operator Abellio at the end of last year and a contract award from Translink in the first-half.

Although the Passenger Systems has not yet reached an underlying break even, 21st Century Technology said, it has established a growing pipeline of bids and tender opportunities where funding is already assured.

"The progress made in the first six months demonstrates that our strategy is beginning to yield positive results," said Chief Executive Russ Singleton.

"I look forward to reporting on our progress and expect our improved performance to continue," added Singleton.