21st Century Technology PLC Trading Update (6019H)
19 August 2016 - 4:00PM
UK Regulatory
TIDMC21
RNS Number : 6019H
21st Century Technology PLC
19 August 2016
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 GBP1.2m 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 Russ Singleton Tel: 0844 871
plc 7990
finnCap Limited
Nominated Adviser Julian Blunt/Scott Tel: 020 7220
Mathieson 0500
Corporate Broking Malar Velaigam
Media enquiries
Communications Ariane Comstive / Tel: 07785
Portfolio Helen Carpanini 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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