21st Century, the supplier and installation service provider of public transport CCTV and vehicle monitoring systems, has issued a pre-close trading update ahead of its preliminary results for the year ending December 31, 2011, which will be announced on March 28.
The company expects profit after tax for the year from continuing activities to be in line with market expectations, and cash flow generated from operations to be significantly ahead of expectations in the second half of the year.
Significantly, the company now has no bank debt, and held cash at bank of £2.7m at November 30, 2011, compared to net debt of £0.6m at June 30, 2011.
21st Century is the preferred supplier of on-board CCTV systems to Arriva UK Bus, the Go-Ahead Group and FirstGroup UK Bus, in addition to being the preferred supplier to Arriva and Keolis in Stockholm.
To date, it has also sold over 6,500 of its EcoManager driver’s aid systems, with customers reporting fuel savings of up to 12%, and 60% reduction in accidents after fitting the device to their buses.
Nick Grimond, 21st Century’s chief executive, said: “We are extremely pleased with the performance in the current year and encouraged to have significant pipeline sales opportunities as we approach the year end. As previously stated, we continue to progress the sale of our freehold property in Mitcham, Surrey.
“The company has a strong cash position, providing a sound financial base from which to support our growth plans and take advantage of opportunities in favourable markets as they develop.”
Visit 21st Century on-line at www.21stplc.com