18 September 2001
Toad revises trading statement for 2001
Further to the publication of Toad plc's interim statement to 30 June 2001,
where it was reported that the company's vehicle security business had
suffered from the loss of the Laserline distribution agreement and pressure on
margins, the division has since experienced a downturn in its vehicle alarm
sales for the original equipment market and lower than expected sales of its
new premium alarm range. Consequently it is anticipated that the company will
incur a reduced operating profit, compared to market expectations, for the
year to 31 December 2001. After deducting the costs of its investment in
ACTRA, interest and exceptional items it is likely that the group will
breakeven before amortisation of goodwill and intangibles.
The majority of Toad's core business, which focuses on providing a nationwide
mobile installation service for the UK's leading insurance, fleet and retail
customers and wholesaling in-car audio systems to the UK's specialist market,
is performing in line with the first half of the year.
Toad's Vehicle Technology Division manufactures and distributes three brands
of alarm systems to both the UK aftermarket and original equipment market.
Toad now estimates that a downturn in demand for OE systems, coupled with
lower than expected sales of one of their premium alarm ranges, is likely to
reduce sales by around £1.5m on market expectations for the year to 31
By the end of the year Toad will have invested over £600,000 in its new fleet
management operation, ACTRA Fleet. The system, which went on sale in the
summer, is currently performing in line with expectations.
Stephen Wheatley said:
'Obviously we are disappointed by the level of sales of our vehicle alarms and
the impact that this has had on the second half of this financial year.
However this is only part of our business, the rest of the core business has
During the year we have been investing in our new Actra Fleet system and we
are encouraged by both the performance and take up of the system in the first
few months of sales. We have signed a two year exclusive agreement with
Datafactory, our German fleet management software partners, for their
excellent Webfleet system. This powerful system, which powers Actra Fleet,
will also enable us to develop partnership opportunities with other GPS/GSM
fleet solution companies who require a back-end fleet management solution to
their existing systems.'
Issued on behalf of TOAD plc September 18th 2001.
By Tony Edwards
ANTHONY EDWARDS PUBLICITY
TEL 01932 336161 FAX 01932 336131