Companies: CYH   

Telematics specialist Cybit Holdings says it is maintaining expansion after nearly trebling annual pre-tax profits to £1.7 million.

The Cambridgeshire-based company, which supplies and services equipment for remote monitoring of the efficient use of vehicles and other assets, increased turnover 48 per cent to £19.7 million in the year to March. Earnings rose 63 per cent to 4.65p a share.

Steered by chief executive Richard Horsman, AIM-quoted Cybit says two ‘strategic acquisitions’ had time to make only a modest contribution to last year’s results. But he says they have helped the company, which now still has between £750,000 and £1 million of its £1.6 million year-end cash, to double its forward revenue stream to ‘more than £10 million of future profit which will be recognised over the next three to five years’.

Cybit, which supplies customers ‘ranging from Joe the plumber to Sainsbury’s home delivery’, stands to benefit from tight business conditions and expensive fuel, argues Horsman, as companies are forced to pay more attention to eliminating waste and needless expense in their transport and other operations. The company, which is established in Germany and elsewhere, is now supplying a telematics product to Ford, to reduce fuel use and drivers’ overtime in commercial fleets.

Analysts reckon entrepreneurially run Cybit could make £2.1 million pre-tax this year. At 41.5p, the shares have speculative possibilities

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Cybit Holdings	AIM	£2.44m	32.75p	0.25p
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