Ithaca Energy Regulatory News (ITH)

20 Sep 2006 07:01

ITIS Holdings PLC20 September 2006 AGM Statement The following statement will be read by Sir Trevor Chinn, Chairman of ITISHoldings plc ("ITIS" or the "Company"), at the AGM to be held at Station House,Stamford New Road, Altrincham, Cheshire at 10.00am today, 20th September 2006. All areas of our UK business have traded strongly in the first five months ofthe year and we therefore expect that full year profits will be ahead ofexpectations. The Company announced its first half year profit in the sixmonths to March 31st 2004. Since then we have significantly increased both theturnover and profits of our UK business which gives us continued confidence inour ability to maintain this considerable growth. The business model is basedupon high operational gearing which is the driver not only for profit but iscreating strong cash generation. Our growth in the UK has been led by consumer demand for factory fit andaftermarket satellite navigation systems, markets in which we remain thedominant provider of traffic information. Since the start of the currentfinancial year we have renewed our contracts with the Ford Motor Company and theBMW Group (BMW, MINI and Rolls Royce), the latter for an extended further periodof five and a half years. These contracts demonstrate both our expertise inthis area and the high quality of our traffic data. We continue to providetraffic data to most of the leading manufacturers of personal navigation devicesand our business with central and local Government remains strong. We continueto add new services and functionality to our IVR business and have seen a steadyrise in the core minutes per user. One of the major advantages of our software and systems is that they are notrestricted to use in the UK. We remain confident of our ability to generate newbusiness overseas but we will continue to do this at a pace that is right forthe Company. The licensing of our RDS-TMC software to Intelematics Pty ofAustralia is a good example of how we can work with strong local partners whoare able to couple their knowledge and expertise with our technology. We have previously stated that the success of our high quality CFVD technologyis highly dependent upon relationships with and the cooperation of mobile phonenetworks. We are therefore very pleased to announce today that we are triallingCFVD with one of the world's largest mobile operators. This operator is fundinga project using our CFVD technology to demonstrate how anonymous signalling datafrom its network can generate high quality information on road traffic andgeneral mobility within a large metropolitan area in Europe. The results ofthis study will be presented to both public and private sector organisations andmay lead to other deployments in countries where this operator has a strongpresence. Despite previously highlighted delays outside of our control, we remain focussedon fulfilling our obligations to deliver traffic information using CFVD in theState of Missouri. We continue to believe that there is an exciting future forCFVD in the US market. Our NavTrak vehicle tracking business continues to grow, particularly amongowners of prestige marques and we are now supporting Bentley and Ferrari in 32European markets. The ITIS Board is very pleased with the continued growth and financialperformance of the Group and expects this to continue during the current yearand beyond." - ends - Contact: Stuart Marks, Chief Executive, ITIS Holdings plc - 0161 929 5788 Ginny Pulbrook, Citigate Dewe Rogerson - 0207 638 3571 This information is provided by RNS The company news service from the London Stock Exchange