Cybit reports record results: substantial rises in revenue, pretax profits
Cybit Holdings plc, provider of telematics solutions for the management and control of land and sea based assets, said turnover increased 48% to £19.7m and pre-tax profit grew 166% to £1.69m in the year ended 31 March.
Chairman Neil Johnson said: "Trading during the period has been exceptionally strong and we have successfully integrated two further important acquisitions. This has substantially increased the international footprint of our business and consolidated our position in both the transport and public sector markets.
The Cambridge, UK based firm said there had been a 31% increase in the number of vehicle based assets under management to over 46,000
The telematics related forward revenue stream across the business doubled to more than £10m of future profit which will be recognised over the next three to five years, it said.
"We will look to take advantage of the current climate in order to continue building the scale of the business through further acquisitions. The telematics market is fragmented with many small players lacking the financial resources to ride out an extended economic downturn," Mr Johnson said.
"We remain confident about future prospects and intend to extend the reach of both our technology and business operations in order to maximise growth and insulate against changes in global economy."
The Group's share price was down 4.6% to 46p in morning trading, delivering a market capitalisation of around £3.5m.
