Cybit reports revenues, orders up 25% in early months of FY09
Cybit Holdings plc, the Cambridge-based telematics specialist, said it has made big revenue gains in the first four months of the current financial year.
Revenues to 31 July were around £7.5m, 25% up on the £6.0m achieved in the equivalent period last year, "despite challenging economic conditions", chairman Neil Johnson said at the Annual General Meeting today.
"We have seen similar growth in order intake. Orders received in the five month period to 31 August have increased by circa 24% from £6.7m to £8.8m. This gives the board confidence that we are on target to achieve full year market revenue expectations", he said.
"The integration of Truck24 is progressing according to plan with significant cost savings being achieved from both operational efficiencies and improved margins. Order volumes and revenue performance are both in line with management expectations and the business was profitable in the first four months of the year.
"The recent purchase of the assets relating to Oxloc Ltd has both insulated existing Cybit customers using this technology and has opened new opportunities in the global unpowered asset marketplace.
"We are continuing to grow the business both organically and through acquisition. The current economic climate will undoubtedly result in further consolidation within the Telematics industry and Cybit is well placed to benefit from this evolutionary process."
The company's share price was unchanged in early trading on the London Stock Market.
