29 August 2012 – interim results
The leading supplier of public transport CCTV and other monitoring systems has revealed its half yearly results to 30 June which have shown revenue of £7.0m (2011: £7.8m including one-off contract income of £4.7m) and same again pre-tax profit of £0.7m. The group has seen the revenue from its three main UK customers (Arriva UK Bus, FirstGroup UK Bus and The Go-Ahead Group UK) rise by 80% to £5m during the first half. Earnings per share were 0.54p (2011: 0.57p). The group has cash at the bank of £4.2m at the end of June resulting in a return of capital to shareholders of 3.5p per share in July. Current trading is in line with expectations although the achievement of full year forecasts will depend on a number of potential contracts being confirmed and fulfilled. The group has also announced the resignation of the CEO although he will be replaced by Wilson Jennings, the current finance director, and this has probably caused the shares to fall this morning. However, with increasing amounts of business coming from the main UK customers we believe prospects look good and the shares are GOOD VALUE.