Ithaca Energy Regulatory News (ITH)

16 Nov 2005 07:03

ITIS Holdings PLC16 November 2005 16 November 2005 ITIS HOLDINGS plc TRADING STATEMENT ITIS Holdings plc ("ITIS" or the "Company") will be announcing its interimresults for the six months ended 30th September 2005 on Thursday 24th November2005. ITIS remains in exclusive negotiations with the Missouri Department ofTransportation to deploy its Cellular Floating Vehicle Data ("CFVD") throughoutthe State of Missouri. Negotiations towards execution of a definitive contractare progressing but the timing for delivering some of the milestones associatedwith providing the required traffic information, is such that the Companybelieves it is unlikely that any revenues will be generated in the currentfinancial year. The Board has revised its expectations for the full year ending 31st March 2006and now anticipates that profit before tax will be reduced by £1.2m relating tothe shortfall in CFVD revenues generated in the United States. Due tocommitments with other customers and prospects and the ongoing development ofCFVD, the costs associated with CFVD in this financial year remain unchanged. We are pleased to report that even as the business expands internationally, theUK business continues to perform in line with market forecasts and is indeedbetter than expected in some areas. The Company continues to be cash generativeand operate profitably on a monthly basis. We continue to have high levels ofinterest globally in CFVD and are encouraged by the ongoing success of ourdeployment in Belgium. The Board remains confident that the Company's blend oftechnology and applications will provide a solid platform for continued stronggrowth. Enquiries: ITIS Holdings 0161 929 5788Stuart Marks, Chief ExecutiveAndrew Forrest, Finance Director Citigate Dewe Rogerson 020 7638 9571Ginny Pulbrook / Ged Brumby Notes to Editors: ITIS Holdings plc, listed on Aim, is the UK's leading provider of trafficinformation and vehicle security services. ITIS has invested in the development of a unique system for the collection andanalysis of traffic information; it combines information from Trafficlinkcontrol centres with ITIS Historic and real-time Floating Vehicle Data (FVD) toprovide Journey time forecasts and real-time updates. ITIS now operates thelargest commercial application of FVD anywhere in the world, and delivers thecontent over a variety of platforms including RDS-TMC (Alert C), digital radioand automated telephone services (IVR) under the AA Roadwatch brand. Through its NavTrak business (www.navtrak.com), ITIS has developed a unique andinnovative stolen vehicle tracking service delivered via GPS/GSM technology,which offers theft alerts, vehicle tracking and police liaison throughoutEurope. • Detection of theft - even when owner's keys have been taken.(Automatic Driver Recognition - ADR) • Automatic GPS tracking of stolen vehicles (Stolen Vehicle Recovery) • Theft alerts, GPS tracking and police liaison covering 20 Europeancountries (EUROWATCH) • Instantaneous position report to any mobile phone (AutoTrak) • Mileage reports to show trips and cumulative distances travelled(Journey Diary) For further information on the Company please visit our website atwww.itisholdings.com or www.navtrak.com This information is provided by RNS The company news service from the London Stock Exchange