21st Century makes loss in 2016 after cancelled orders

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21st Century Technology plc has announced its final results for the year ended December 31, 2016, showing the firm making a loss for the year.

Revenue fell by £0.6m to £11.6m, with the firm making an underlying loss of £1.4m before tax (2015: underlying profit of £0.05m).

The firm saw a loss per share of 2.47p (2015: 5.17p). Cash at the year-end had halved since 2015 to £0.5m.

21st Century said it had restructured its cost base to save £1.4m per year.

The firm did highlight a number of contract successes. This includes a five-year renewal of First UK Bus framework to 2021 and a two year extension with Arriva UK Bus.

Russ Singleton, CEO of 21st Century Technology plc, said: “We made real strides last year with major framework renewals, organisational restructuring and innovative new sales. However, the financial performance in H2 was poor as rail and passenger orders anticipated earlier in the year did not materialise.

“We raised finance in order to support working capital requirements going forward, significantly reduced our cost base and are starting to see our strategy working. We have created a strong platform for growth and are pleased to be looking to the future with confidence.”