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2 Jul 2009 07:00
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2Β JulyΒ 2009
EPIC:Β C21
21stΒ Century Technology plcΒ
("21stΒ Century",Β "the Company" or "the Group")
Pre-closeΒ Trading Update
21stΒ Century (formerly TG21 plc), theΒ vehicle installation service provider supplyingΒ public transportΒ CCTV and other monitoring systems,Β todayΒ issuesΒ the followingΒ pre-closeΒ trading updateΒ ahead ofΒ its unaudited results for the 6 months to 30 June 2009, which will be announced onΒ 9Β September 2009.Β
Profit after taxΒ is significantly ahead of marketΒ expectationsΒ for the first 6 months of the yearΒ and we anticipate pipeline ordersΒ will maintain this momentumΒ for the full year.Β Β Our Public Transport Solutions business has madeΒ aΒ majorΒ contribution in the first half with sales of EcoManagerΒ in theΒ UKΒ and CCTV sales inΒ EuropeΒ performing well. We have also seen a growth inΒ on-busΒ CCTV sales to Go-Ahead in theΒ UK.Β
We are expecting net debt at 30 June 2009Β to beΒ underΒ Β£0.7m (31Β December 2008: Β£nil)Β despite the fact that in the period the Group made aΒ payment ofΒ overΒ Β£0.5m in respectΒ of the acquisition of the remainingΒ 25% holding in our subsidiary, 21stΒ Century Crime Prevention Services LimitedΒ ("CPS")Β and Β£0.3m final dividendΒ payment to the vendor of CPS outΒ ofΒ theΒ 2008 profitΒ of CPS. No further dividend is payableΒ by CPSΒ to the vendor, the Group's cash flow is in line with management expectationsΒ and we anticipate that in the second halfΒ of the yearΒ net debtΒ willΒ reduce once more.
The Group has a number ofΒ opportunitiesΒ whichΒ should enable us to maintain and build upon this excellent start to the year.Β Β We will provide a full update on these projectsΒ withΒ our interim results in September.Β
Ends
For enquiries please contact:
Peter Ward, Chairman
Nick Grimond, Chief Executive
Wilson Jennings, Finance Director
21st Century Technology plc Tel: 020 8710 4016
Graham Webster
Daniel Stewart & Company plc Tel: 020 7776 6550
Barnaby Fry/Vicky WatkinsΒ
Hogarth Partnership Tel:Β 020 7357 9477
Notes to Editor:
Launched in 1993,Β theΒ company began as Toad plc and was focused on the distribution ofΒ in-car entertainment systems andΒ vehicleΒ security products. Under the stewardship of ChairmanΒ Peter Ward, former Chairman and CEO of Rolls Royce Motors and Cunard Line, who joined the board at the end of 2001, the Group's strategy has been to reposition itself away fromΒ its legacy businessesΒ into markets with better growth potential while leveraging its core strengths - nationwide field force of vehicle electrical engineers, call centre and distribution facilities.Β
In line with this strategy, in 2005 theΒ company took a controlling stake in 21stΒ Century Crime Prevention Services Ltd which recently merged with fellow subsidiary, Toad (UK) Ltd, to form 21stΒ Century Technology Solutions Ltd ("Solutions"). SolutionsΒ is the preferred supplier of on-board CCTV systems for Arriva UK Bus and has pioneered the use of WiFi with on-board CCTV systems. SolutionsΒ was alsoΒ the first company to successfully launch automatic video downloads and a bus CCTV monitoring system (HeartbeatTM).
Solutions'Β new EcoManager product has contributed significantly toΒ the recent increase in revenueΒ in the Group's Public Transport Solutions division. The EcoManager system, whichΒ incorporates a passenger counting facility,Β is aimed at reducing fuel costs,Β improving safety and enhancing revenues for bus operators by monitoring driving stylesΒ against fuel consumption.Β
The Company was renamed "TG21 plc" in 2005 and,Β to reflect the repositioning of the Group, changed this name to "21stΒ Century Technology plc" in June 2009.
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