Minorplanet

Fast-growing vehicle tracking systems developer Minorplanet Systems is moving to the Full List on 8 January. The move to the main board follows rapid sales growth at the Leeds-based company. Chairman Michael Abrahams cheered shareholders at the group's AGM earlier this month, commenting that first quarter sales in the current year in the UK and Europe were, 'well over double last year's levels'. Significantly, Minorplanet holds a 62% stake in US telematics play @Track, based in Texas. Abrahams explained the company was making 'good progress' in the restructuring of @Track and was 'convinced the opportunities in the US are immense'. Back in October, Minorplanet unveiled sparkling full year figures to end-August which were in line with analysts' expectations. Sales were swelled by 206% to £52.9m and pre-tax profits after exceptionals were boosted from £0.7m to £5.3m. The group established businesses in Holland, Spain, Australia, France and Germany and enjoyed an outstanding year in its UK businesses, with sales rocketing by 83% to £31.7m, bringing in pre-tax profits of £4.8m. Turnover reached £10.9m in Europe and Australia, and Minorplanet won over customers such as Shell Petroleum and Siemens Teece. Quite possibly the best of the telematics bunch.

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Sector: General Industrials

Companies: Minorplanet Systems (suspended on 8 June, 2010)

Market cap: £218.9m

PE Forecast: 37.8

Share price: 315p

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