Ithaca Energy Regulatory News (ITH)

11 Apr 2005 07:00

ITIS Holdings PLC11 April 2005 11th April 2005 ITIS HOLDINGS PLC ("ITIS" or "the company") TRADING UPDATE ITIS Holdings plc, a leading road traffic information and data specialist, todayannounces a trading update for the financial year ended 31st March 2005. ITIS is very pleased to announce that it has traded profitably at Group levelin the second half of the financial year even after charging all developmentcosts (including those associated with Estimotion). This will clearly have abeneficial impact on the full year results to 31st March 2005, which will besomewhat ahead of market expectations. ITIS dominates the RDS-TMC market providing real time traffic information tosixteen manufacturers who have standardised this service on their satellitenavigation platforms. We fully expect to maintain our dominant position bycontinuing to offer the only national high quality service. ITIS has focussedentirely on the development of content and does not sell hardware navigationsystems to compete with the PDA and aftermarket manufacturers, enabling us towork closely with them in this fast growing market. We will report more fullyon our relationships in this market as part of our year end report. We continue to be very pleased with the progress of our Estimotion technologywhich we now call Cellular Floating Vehicle Data ("CFVD"). CFVD uses a low costand patented technology to provide a unique system for measuring traffic flowbased on anonymously sampling the position of mobile phones. Our deployments inBaltimore (USA) and Antwerp (Belgium) are now producing results on par with theestablished service in Israel whilst the system in Scotland will be deployednext month. Of particular importance is the experience we have gained fromworking with three new major mobile networks, as previously CFVD had only beendeployed using one network in Israel. Now that we have real time data from fourcountries to show potential customers, we can now move quickly to capitalise onthe significant interest which has developed since we acquired Estimotion and toexploit the international potential that CFVD has. NavTrak has had an excellent year and our strategy of working directly withvehicle manufacturers to install units in the factory has enabled us to leverageour relationships in general with the automotive industry and to minimise theadministration and marketing associated with selling tracking devices in theaftermarket environment. Recently NavTrak gained Thatcham Category 5accreditation which is the new insurance standard for Stolen Vehicle Trackingsystems. Stuart Marks, Chief Executive, said: "We are very encouraged by the growth andprogress of the business and in particular our financial performance, which is areflection of rising demand for all of our services and tight cost control. Weare confident that we will continue to consolidate and grow our position in theUK whilst using CFVD to embark on a controlled expansion into new marketsoverseas." Enquiries Citigate Dewe RogersonGinny Pulbrook / Ged Brumby 020 7638 9571 This information is provided by RNS The company news service from the London Stock Exchange