25 May 2012

21st Century drives progress

01/06/2011 Miles Nolan

In a short AGM update announced today CCTV supplier 21st Century (C21) has confirmed it is on track to meet market expectations.

The Mitcham based firm sells CCTV systems predominantly into the public transport markets, and has achieved good success in Europe. Earlier this year 21st Century secured two major contracts in Stockholm with transport giant Keolis - worth a total of £7.2 million.

The first tranche of units for one of the contracts will be delivered this month with the balance due in July/August. To help fuel its growth overseas the AIM counter has opened an office in Stockholm, a move that should help drive further sales opportunities. In the UK it has pioneered the use of WiFi on board buses to transmit live CCTV pictures, this 'LiveView' technology has been commissioned for trial by Transport for London.

21st Century owns a 3 acre property in Mitcham which is in the books for £2.5 million and is being marketed for sale. Finance director Wilson Jennings admits that a number of offers have been received and that the board will consider 'sensible offers'.

We recommended the shares in Growth Company Investor last December at 7.5p - so the doubling of the price to 15p is pleasing. A wider investment audience is now taking notice, and Slater Investments have also been topping up their holding to their current level of 15 per cent. On 15 times current year earnings, we rate the shares as a hold.

Tags: AGM, AIM market, Transport for London, Veolia, Wilson Jennings

Sector: Support Services

Companies: 21st Century Technology

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