25 May 2012

21st Century drives ahead

23/12/2010 Miles Nolan

Public transport to vehicle monitoring specialist 21st Century has issued an upbeat trading statement for the current financial year. Trading has been robust so market forecasts will be met and thanks to strong cash flow the group has boosted its net cash reserves to £1m - well up on the £200,000 reported at the half way stage. Its three acre head office in Mitcham is also being marketed for sale at a shade under it current book value of £2.7m.

AIM quoted 21st Century supplies on-board CCTV systems to three of the five top bus operators and has also expanded its reach into the railway market. It is providing kit for station platforms with contracts secured from three train operating companies. Transport giant Go-Ahead has provided over £2m of business and new on-vehicle CCTV contracts with new customer First Group chipped in a further £1m.

In 2008 the group launched EcoManager, a product aimed at reducing fuel and maintenance costs on buses, it also serves to improve safety by tracking driving styles against fuel consumption. A rollout is underway with Arriva and total sales of EcoManager will be in the region of £5m for the year - the first orders into Europe have also been delivered.

House broker Daniel Stewart predicts current year pre-tax profits of £800,000 and EPS of 0.8p, for 2011 this rises to £1.1m and 0.9p respectively. We recently highlighted the attractions of 21st Century in Growth Company Investor at 7.5p and with the price now a touch higher at 8p the shares are still worth buying.

Tags: AIM market, CCTV systems, Go-Ahead

Sector: Support Services

Companies: 21st Century Technology

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