Last checked at 19 Aug 2016 07:00
21st Century Technology plc
("21st Century" or "the Group")
Trading update
As announced on 15 April 2016, trading during the beginning of the year was slower than anticipated due to lower volumes of new vehicle orders from UK bus operator customers. It was anticipated that the slow start to the year would be followed by a pick-up in trading in H2 although this is proving slower to materialise. With the uncertainty associated with the First Bus contract renewal now removed, the Company can now direct more focus on a number of framework agreements, bids and tenders currently under negotiation, particularly in Fleet Systems which specialises in on-board systems and integrated systems in the Passenger Transport Authority and Local Authority markets.
As previously announced, performance in the Passenger Systems business is subject to a number of sensitivities; namely the timing of local authority spend and the adoption of ticketing technology. Whilst there remains a number of bids pending decision, the order intake in Passenger Systems has been well below expectations. Consequently the Board now anticipates that the Group's full year revenue will be lower than last year resulting in a significant loss for the full year ending 31 December 2016. As at 30 June 2016 the Company had approximately £1.2m net cash (unaudited).
In order to mitigate losses, a program to remove costs and accelerate the consolidation of operations, particularly in areas where there was duplication or overlap resulting from the acquisition of RSL Group in May last year, commenced in H1 and is continuing. As this exercise progresses the Board are considering all possible options with respect to the RSL business and will make further announcements as appropriate.
The Company expects to report its interim results for the six months to 30 June 2016 towards the end of September.
Enquiries:
21st Century Technology plc | Russ Singleton | Tel: 0844 871 7990 |
finnCap Limited | ||
Nominated Adviser | Julian Blunt/Scott Mathieson | Tel: 020 7220 0500 |
Corporate Broking | Malar Velaigam | |
Media enquiries | ||
Communications Portfolio | Ariane Comstive / Helen Carpanini | Tel: 07785 922 354/ 020 7536 2007 |
A digital copy of this announcement will be available on the Group's website: www.21stplc.com
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Notes to editors:
'Connected Systems for Connected Journeys'
21st Century Technology is the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off the vehicle. Comprised of a Fleet Systems division and a Passenger Systems division, 21st Century Technology provides integrated solutions both on and off the vehicle to deliver 'connected systems for connected journeys'.
Fleet Systems: include CCTV video surveillance; to improve passenger & driver safety, vehicle & driver performance monitoring, real-time on-board IT subsystems management and automatic passenger counting.
Passenger Systems: include the design & manufacture of all the necessary hardware and software for electronic passenger information systems, off-vehicle smart ticketing and way-finding.
With over 20 years' experience in the transport industry, 21st Century Technology specialises in providing innovative, cost-effective technology lead solutions to improve the passenger experience and provide operational benefits to fleet and network operators.
Further information on the company is available on www.21stplc.com or search for 21st Century Technology on LinkedIn and @21stCenturyLtd on Twitter.