The board of 21st Century Technology has provided a trading update.
The company said that trading during the year to December 31, 2015, progressed in line with management expectations and it expects to announce its full year results, the first to include the RSL Group acquired on April 30, 2015, in mid-May. Year-end cash stood at £1m.
The group admitted that trading during the first three months of 2016 has been slower than expected, with orders from two large fleet customers weighted more towards the second half than originally anticipated. Company management has initiated a programme of remedial action to remove costs from the business.
The board said it is increasingly confident that the performance in the second half of the year will be much improved on that of the first half.