25 May 2012

21st Century lands FirstGroup contract

01/11/2011 Miles Nolan

CCTV specialist 21st Century (C21) has received a shot in the arm, with news that it has secured a preferred-supplier contract to provide leading transport firm FirstGroup with its systems.

FirstGroup is the leading bus operator in the UK, with a fleet of 8,000 buses – it operates more than one in five of all local bus services. In the US, it operates the well-known Greyhound buses, in addition to being the largest provider of student transportation.

Mitcham-based minnow 21st Century has entered into a two-year agreement to supply and maintain the on-vehicle CCTV devices, as a preferred supplier to FirstGroup. Moreover, the deal can be extended by a further year subject to mutual agreement. In 2010, it delivered £900,000 of sales to FirstGroup, but for the first half of 2011 this has already surpassed £1 million. Following the agreement the board now expects further 'significant growth' in sales.

The AIM counter has eliminated the accumulated deficit on its distributable reserves, which means that it is now able to pay a dividend – subject to surplus reserves. House broker Daniel Stewart predicts 2011 pre-tax profits of £1.3 million, and EPS of 1p. We recommended the shares in Growth Company Investor at 7.5p last December, so the 11 per cent increase to 12.375p this morning is pleasing. However, we feel there is more to go. Buy.

Tags: AIM market, CCTV systems, Dividend possibility, FirstGroup, Major bus company

Sector: Support Services

Companies: 21st Century Technology

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