21st Century Technology leverages sales growth to secure new working capital

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21st Century Technology plc has announced that as it draws to the end of its fourth quarter, the business is generating over 10% sales growth during half two of the financial year compared with half one, and expects to show over 15% growth year-on year in half two.

In light of the pick-up in sales growth in the second half, the company’s board moved to secure additional working capital financing and has announced that it has secured access to a new £1.25m invoice discounting facility with Close Brothers.

The new facility will be used to provide additional working capital to the Group and replaces the existing facility (currently drawn in the amount of approximately £270,000) on ‘materially improved terms,’ with the new interest expected to be 7-8% APR compared with approximately 15-20% currently.

Russ Singleton, CEO of 21st Century Technology, said: “I am pleased with the progress we are making. We have strengthened the management team with a number of key appointments and see exciting potential emerging within existing accounts and from the new customers won this year.”