Cybit returns to profit in 1H; says performance continues to improve
Telematics service provider Cybit Holdings plc (CYH.L) said today that its revenues were up 18% in the first six months of its financial year to end September and that it had returned to profitability compared to the corresponding period last year.
The Cambridgeshire-based company that sells solutions for efficient management of vehicle fleets, mobile assets and mobile workforces, saw revenue reach £5.8m and pre-tax profit £12,000, compared with a loss of £190,00
Chairman Neil Johnson (pictured) said: "This has been another solid performance for Cybit.
“The integration of BlueFinger [acquired in June for £1.6m] has already delivered benefits, strengthening our core vehicle telematics business and bringing high-level contacts in new markets."
He said that Cybit now supports more than 25,000 mobile assets for around 1,000 independent customers and that repeat business remains strong.
Its consulting and support business continues to expand, with revenues increasing 40% over last year. The company has developed new services, including premium round-the-clock support, and has extended its existing logistics capability into South West England and Scotland.
Funding costs are down and cash balances remain healthy at £2m. Around 19% of vehicle telematics revenue is now on its own book as a percentage of total deals financed and this investment has increased from 14% to 19% on a like-for-like basis.
The company’s share price slipped 1%, or 0.5p, in early trading, so that its market capitalisation is around £10.4m.
Outlook
“Businesses are becoming increasingly aware of the potential for telematics solutions to improve both competitive advantage and regulatory compliance,” Mr Johnson said. “As a result, our financial performance has continued to improve and following a good start to the second half we remain confident of meeting expectations for the year.”
5th December 2006
