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21st Century Technology Loss Widens As Contract Delay Hits Revenue

Mon, 21st Sep 2015 07:21

LONDON (Alliance News) - CCTV and monitoring systems provider 21st Century Technology PLC on Monday posted a significantly wider pretax loss for the first half as the group was hit by a delay to a key contract in the rail sector.

The company said its pretax loss for the half to the end of June was GBP350,000, compared to a GBP8,000 loss a year earlier, as its revenue declined to GBP4.7 million from GBP5.5 million.

21st Century said the fall in revenue was driven by delays to the award of contracts in the UK rail sector, while its bus business performed slightly ahead of expectations. The delay to the key rail contract, which caused the revenue fall, means it will fall into the second half and, as a result, the group expects its revenue for the second six months of the year will grow significantly, underpinned by its GBP4.5 million order book.

The group said it also is re-tendering for a major bus contract, which leaves it exposed to some risk, but it remains cautiously optimistic on its outlook.

Investors appeared somewhat less positive early Monday, with shares in 21st Century down 17% to 4.25 pence to leave it sitting among the worst performers in the AIM All-Share just after the open.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance