Low bus sales cause slowdown at 21st Century

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Loss per share increased to 0.51p from 0.38p in 2015

21st Century Technology has released its interim results for the six months ended June 30, 2016.

The company made an underlying loss of £0.05m before depreciation and amortisation, following a £0.03m profit in 2015.

Revenue increased to £6.4m (2015: £4.7m) including £2.9m from a full six months of the Passenger Systems business.

Gross profit stood at £3.0m, up from £2.0m the previous year, with £1.5m of the figure coming from Passenger Systems.

Loss per share increased to 0.51p from 0.38p in 2015.

Russ Singleton, CEO of 21st Century Technology, said: “We entered 2016 with plans to grow both our Fleet and Passenger Systems businesses based on market research and forecasts incorporating information from our large fleet operator customers.

“However, the volumes of new bus orders were lower than expected and this remained the case throughout much of the period. As a result, and in order to mitigate losses, a program to remove costs and accelerate the consolidation of our operations was commenced.

“Particular focus has been on areas where there was duplication or overlap resulting from the acquisition of RSL Group and we have ensured that the changes made have not impacted our ability to maintain the high level, 24/7 service and support required by our customers.

“This continued focus on customer service has been recognised by the First Bus five year contract renewal announced in August.”