Last checked at 2 Jul 2009 07:00
2 July 2009
EPIC: C21
21st Century Technology plc
("21st Century", "the Company" or "the Group")
Pre-close Trading Update
21st Century (formerly TG21 plc), the vehicle installation service provider supplying public transport CCTV and other monitoring systems, today issues the following pre-close trading update ahead of its unaudited results for the 6 months to 30 June 2009, which will be announced on 9 September 2009.
Profit after tax is significantly ahead of market expectations for the first 6 months of the year and we anticipate pipeline orders will maintain this momentum for the full year. Our Public Transport Solutions business has made a major contribution in the first half with sales of EcoManager in the UK and CCTV sales in Europe performing well. We have also seen a growth in on-bus CCTV sales to Go-Ahead in the UK.
We are expecting net debt at 30 June 2009 to be under £0.7m (31 December 2008: £nil) despite the fact that in the period the Group made a payment of over £0.5m in respect of the acquisition of the remaining 25% holding in our subsidiary, 21st Century Crime Prevention Services Limited ("CPS") and £0.3m final dividend payment to the vendor of CPS out of the 2008 profit of CPS. No further dividend is payable by CPS to the vendor, the Group's cash flow is in line with management expectations and we anticipate that in the second half of the year net debt will reduce once more.
The Group has a number of opportunities which should enable us to maintain and build upon this excellent start to the year. We will provide a full update on these projects with our interim results in September.
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 Watkins
Hogarth Partnership Tel: 020 7357 9477
Notes to Editor:
Launched in 1993, the company began as Toad plc and was focused on the distribution of in-car entertainment systems and vehicle security products. Under the stewardship of Chairman 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 from its legacy businesses into markets with better growth potential while leveraging its core strengths - nationwide field force of vehicle electrical engineers, call centre and distribution facilities.
In line with this strategy, in 2005 the company took a controlling stake in 21st Century Crime Prevention Services Ltd which recently merged with fellow subsidiary, Toad (UK) Ltd, to form 21st Century Technology Solutions Ltd ("Solutions"). Solutions 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. Solutions was also the first company to successfully launch automatic video downloads and a bus CCTV monitoring system (HeartbeatTM).
Solutions' new EcoManager product has contributed significantly to the recent increase in revenue in the Group's Public Transport Solutions division. The EcoManager system, which incorporates a passenger counting facility, is aimed at reducing fuel costs, improving safety and enhancing revenues for bus operators by monitoring driving styles against fuel consumption.
The Company was renamed "TG21 plc" in 2005 and, to reflect the repositioning of the Group, changed this name to "21st Century Technology plc" in June 2009.