Immediate Release: Tuesday 17 May 2005
Toad Group plc
At today's AGM all resolutions were duly passed.
AGM Trading Statement
I am pleased to report that current trading is in line with expectations and
cash flow remains strong. We are looking for further growth in the remainder of
the year from installation revenue within the public transport and hands-free
mobile `phone sectors. We also have several `pipeline' opportunities in
Public transport - CCTV and black box technology
Since acquiring a 24% stake in 21st Century Crime Prevention Services Limited
('21st Century') at the end of 2004 we have increased our holding to 49% on the
back of some very encouraging progress by 21st Century in the first 4 months of
this year. To support the growth of this partnership we have geared up our
engineering resource so that we now have four teams of engineers dedicated to
work on installations of CCTV and black box equipment supplied by 21st Century
to public transport operators such as Arriva's UK Bus Division. We purchased
our stake in 21st Century for £2.4m in cash by way of preference shares which
yield a dividend entitlement of £500,000 per annum. We have an option to
acquire the remaining 51% of 21st Century.
Hands free kits
This business grew significantly in 2004 and from a standing start contributed
over £3m to our sales last year. We are now handling 3,000 installations a
month, most of which come from our contract with UTL who manage the
installation logistics on behalf of Vodafone. Expanding our customer base will
be key to further growth in this business sector.
In addition to these projects we are also looking at a number of other exciting
initiatives and we hope to be able to report on these due course.
In the meantime, I would like to take this opportunity to thank our
shareholders for their support and the staff of the Group and all our business
partners for their contribution for the year to date.
17 May 2005
For enquiries please contact:
Chairman, Toad Group plc
Finance Director, Toad Group plc
Tel: 020 8710 4000
Tel: 020 7245 1100