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TG21 Plc (TGP)

  Print      Mail a friend       Annual reports

Monday 21 August, 2006

TG21 Plc

Interim Results

TG21 Plc
21 August 2006

Embargoed Release: 7.00 hrs 21 August 2006

                                    TG21 plc

          Interim Results for the six month period ended 30 June 2006

TG21, the niche provider of business solutions to the automotive, public
transport, cellular and insurance markets, today announces unaudited interim
figures for the six months to 30 June 2006.

Operational Highlights

   •21st Century new products to be trialed with Arriva UK Bus
   •In July the Company acquired an interest in a second public transport
    CCTV business
   •Legacy distribution business achieved increased sales but at low margins
   •Services business hit by delays in Pay As You Drive projects

Financial Highlights

   •Group turnover up 7% to £17.4m (H1 2005: £16.2m)
   •Group profit before tax* of £320,000
   •Basic earnings per share* of 0.37p
   •Cash flow from operations remains strong despite disappointing trading

*pre-amortisation of intangibles

Commenting on the results, Peter Ward, Chairman of TG21, said:

'After a robust set of results for 2005, the performance of the Group in the
first half of the current year has been disappointing. Our aim is to harvest the
cash generated by our legacy businesses to allow us to move into growth areas
leveraging our core competencies.

Our investment in the public transport monitoring systems market via 21st
Century and CCL underlines our commitment to this strategy. The Board remains
convinced that the future growth of the Company lies in these markets. We will
continue to work hard to attract new customers and develop new products which
allow public transport companies to monitor and maintain their fleets. '

For Further Information:

TG21 plc                 Wilson Jennings          020 8710 4000
                         Finance Director

Hogarth Partnership      Barnaby Fry/             020 7357 9477
                         Sarah Richardson

TG21 plc
Chairman's statement - Interims 2006

TG21, the niche provider of business solutions to the automotive, public
transport, cellular and insurance markets, today announces unaudited interim
figures for the six months to 30 June 2006.

For the 12 months to 31 December 2005, our public transport CCTV business
contributed £1.1m to Group operating profit before amortisation. For the first
six months of this year its contribution has been satisfactory and has
compensated to some extent for the decline in our maturing legacy businesses. We
are, however, hoping for more from this investment in the medium and long term
and have significant levels of pipeline business awaiting approval. We believe
this division to be a key part of the future growth of TG21 plc.

We have achieved increased sales in our Distribution division compared to the
same period last year and within our Services Division turnover from hands-free
installations has been maintained at around last year's levels. However, the
majority of Distribution sales came from very low margin satellite navigation
systems. We have also seen a continued decline in insurance replacement combined
with delays experienced in the revenue stream from Pay As You Drive
installations impacting significantly on our bottom line. Consequently we are
taking steps to achieve overhead savings and examining further exit strategies
from some sectors of the legacy business.

Cash flow remains strong. Net debt stands at £3.3m which is down by £0.6m when
compared to 30 June last year despite the fact that in the intervening period we
have spent £2.7m to increase our holding in 21st Century to 75% at a net cash
cost of £2.0m and £0.7m on capital expenditure including the refurbishment of
our call centre.

Public transport on-board monitoring systems

Principal activities in this division are the supply of CCTV, black box and
other monitoring systems for use on public transport vehicles.

In August 2005 we increased our stake in 21st Century to 75% and have
consolidated its results as a subsidiary from that date. 21st Century is the
preferred supplier of on-board CCTV to Arriva UK Bus.

Sales in the first half of 2006 at £1.5m compare to £2.1m for the same period
last year. However we have significant pipeline business on hold awaiting final

To build upon its on-board CCTV business, 21st Century is developing new
products aimed at enhancing revenue and reducing running costs for bus operators
and Arriva UK Bus is shortly to commence trials of these products on 56 of its

In July this year we announced that we have made a loan of £0.4m to Cyberlyne
Communications Limited ('CCL'). At the same time we were granted options to
acquire the whole of the share capital of CCL. Like 21st Century, CCL supplies
on-board CCTV for use on public transport vehicles and has 6,000 installed
systems to date. CCL however has a wider customer base which includes First
Group, Go-Ahead and Translink and has developed its own digital recorder which
lies at the heart of the CCTV system. We believe that this investment has the
potential to leverage our existing position in the market.


The principal activities within Services are the replacement of stolen in-car
entertainment and navigation systems for insurance company customers and the
supply and installation of mobile 'phone hands-free kits for corporate fleets.
Following the acquisition of 21st Century, the division now also undertakes
installations of public transport monitoring systems.

Turnover in this division was £0.8m (13%) down on the same period last year at
£5.3m. In the second half of last year we exited a number of peripheral
activities - telematics (Actra), camera and computer insurance replacement and
vehicle inspection services - which contributed to the reduced sales. However,
most of the decline in the first half of this year is attributable to the
maturing audio replacement business.

Installations of mobile 'phone hands-free kits have held up reasonably well
compared to the first half of last year. We recognise that this market does not
have an indefinite shelf life and so our focus has been to find new
opportunities to leverage our strengths in engineering, distribution and call
centre services. Our investment in public transport on-board monitoring services
via 21st Century and now CCL is a significant step forward in this regard and we
anticipate that installations of public transport monitoring systems will make
an increasing contribution to Group profitability as income from our legacy
businesses falls away.

From the start of the year we also geared up our engineering capability and
invested in technology in anticipation of new income streams from our insurance
customers offering Pay As You Drive ('PAYD') schemes. However delays in these
projects which are beyond our control mean that we are unlikely to see a return
on our investment in the current year.


Principal activities within Distribution consist of the distribution of in-car
entertainment systems, satnav/communications equipment, speed camera alerts,
audio leads and own brand automotive and motorcycle alarms to the retail trade.

Overall the sales in this division increased by £0.5m (5%) from £10.1m to £10.6m
at the half year. Datatool our motorcycle alarm and accessory brand accounted
for 70% of this increase in turnover which is encouraging. However the remaining
increase and almost half of total Distribution sales were attributable to sales
of very low margin portable satellite navigation systems which have far outsold
in-car entertainment systems and speed camera alerts. While the growth in
portable satellite navigation is flattering to our top line it has not been able
to mask the underlying decline in higher margin aftermarket in-car entertainment
systems. We have also suffered from the impact of a 9 month delay in delivery by
the manufacturer of the upgraded Inforad speed camera alert, for which we have
UK distribution rights.

Current trading and outlook

After a robust set of results for 2005, the performance of the Group in the
first half of the current year has been disappointing. We have flagged for some
time, however, that our in-car entertainment and security businesses are
operating in very mature and declining markets. Our aim is to harvest the cash
generated by these legacy businesses or divest of them altogether to allow us to
move into growth areas which leverage our core competencies. Our investment in
the public transport monitoring systems market via 21st Century and CCL
underlines our commitment to this strategy but it is clear that we still have a
lot of hard work ahead of us to achieve the vision we have for the Group.

Peter Ward

Consolidated profit and loss account

                                 Unaudited six months       Unaudited six
                                  ended 30 June 2006         Months ended    Year ended
                                                             30 June 2005   31 Dec 2005
                                                                 Restated      Restated
                                                             (see note 1)  (see note 1)
                            Before                     After
                      amortisation Amortisation amortisation
                                of           of           of
                       intangibles  intangibles  intangibles
                             £'000        £'000        £'000        £'000         £'000

Turnover                    17,403            -       17,403       16,214        36,316

Cost of sales              (11,105)           -      (11,105)      (9,250)      (21,409)
                           =========    =========    =========   ==========   ===========

Gross profit                 6,298            -        6,298        6,964        14,907

Other operating
expenses                    (5,744)        (288)      (6,032)      (5,993)      (12,664)
                           =========    =========    =========   ==========   ===========

Group operating
profit                         554         (288)         266          971         2,243

Share of operating
of associate                     -            -            -          144          (137)
                           =========    =========    =========   ==========   ===========
Total operating
profit                         554         (288)         266        1,115         2,106

Interest payable and
charges                       (234)           -         (234)        (253)         (500)
                           =========    =========    =========   ==========   ===========
Profit on ordinary
before taxation                320         (288)          32          862         1,606
Taxation                         -            -            -          (66)         (289)
                           =========    =========    =========   ==========   ===========
Profit on ordinary
after taxation                 320         (288)          32          796         1,317
Minority interests             (15)           -          (15)         (36)         (132)
                           =========    =========    =========   ==========   ===========

Profit attributable to
members of the parent
company (note 2)               305         (288)          17          760         1,185
                           =========    =========    =========   ==========   ===========

Earnings per share -
basic                         0.37p       (0.35)P       0.02p        0.93p         1.45p
Earnings per share -
diluted                       0.37p       (0.35)P       0.02p        0.93p         1.45p
                           =========    =========    =========

Consolidated balance sheet

                                Unaudited    Unaudited
                             30 June 2006 30 June 2005   31 Dec 2005
                                              Restated      Restated
                                          (see note 1)  (see note 1)
                                    £'000        £'000         £'000
Fixed Assets             
Intangible assets                   4,562          592         4,850
Tangible assets                     4,679        4,424         4,645
Investments                             -        2,658             -
                                ===========    =========    ==========
                                    9,241        7,674         9,495

Current Assets
Stocks                              3,451        3,709         3,799
Debtors                             4,667        5,558         6,771
Cash at bank and in hand            1,397        2,370         1,525
                                ===========    =========    ==========
                                    9,515       11,637        12,095

Creditors: amounts falling
due within one year                (6,408)      (8,784)       (8,865)
                                ===========    =========    ==========

Net current assets                  3,107        2,853         3,230
                                ===========    =========    ==========
Total assets less current
liabilities                        12,348       10,527        12,725
Creditors: amounts falling
due after more than one
year                               (2,979)      (1,981)       (3,468)
                                ===========    =========    ==========

Net Assets                          9,369        8,546         9,257

Capital and reserves
Called-up share capital             8,169        8,169         8,169
Share premium account               3,387       12,110        12,110
Share capital to be issued             43           43            43
Revaluation reserve                 1,378        1,392         1,378
Profit and loss account            (3,845)     (13,204)      (12,665)
                                ===========    =========    ==========
Total equity shareholders'
funds (note 2)                      9,132        8,510         9,035

Minority interests                    237           36           222

                                    9,369        8,546         9,257
                                ===========    =========    ==========

Consolidated cash flow statement

                                 Unaudited    Unaudited
                                       six          six
                              months ended months ended   Year ended
                              30 June 2006 30 June 2005 31 Decr 2005
                                     £'000        £'000        £'000

Net cash inflow from operating
activities (note 3)                    959        1,112        4,092
                                   =========    =========   ==========

Returns on investments and
servicing of finance
Interest payable and similar
charges                               (223)        (210)        (503)

UK Corporation tax paid                  -            -         (151)

Capital expenditure and

Purchase of tangible fixed            (275)        (259)        (699)
                                   =========    =========   ==========
                                      (275)        (259)        (699)
Purchase of investment in
associate                                          (805)           -

Purchase of investment in
subsidiary                               -            -       (3,133)
Cash acquired                            -            -          319
                                         -         (805)      (2,814)
                                   =========    =========   ==========

Cash inflow/(outflow) before
financing                              461         (162)         (75)


Net movement in long term
borrowings                            (500)       1,000        2,500
Repayment of principal under
finance leases                           -           (2)          (2)
                                   =========    =========   ==========

                                      (500)         998        2,498
                                   =========    =========   ==========
(Decrease)/increase in cash in
period (note 4)                        (39)         836        2,423
                                   =========    =========   ==========


1. Basis of preparation. The interim statement has been prepared on the basis of
the accounting policies set out in the Group's statutory accounts to 31 December
2005 with the exception of share based payments which are now accounted for
under FRS 20. Applying the Black-Scholes valuation model gives a fair value
charge for these share options which in accordance with FRS 20 has been added to
other operating expenses in each period as follows:

                                 Unaudited six   Unaudited six
                                  months ended    months ended    Year ended
                                  30 June 2006    30 June 2005   31 Dec 2005
                                         £'000           £'000         £'000

Share based remuneration charge
(FRS 20)                                    80              50           150
                                    ============     ===========    ==========

The financial information contained in the interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985. The
interim report has neither been audited nor reviewed by the Group's auditors. A
copy of the Group's 2005 statutory accounts has been filed with the Registrar of
Companies: the Auditors' opinion on those accounts was unqualified and did not
contain any statement under section 237 of the Companies Act 1985. The interim
statement for the six months ended 30 June 2006 was approved by the directors on
21 August 2006.

2. Reconciliation of movements in shareholders funds

                                 Unaudited six  Unaudited six
                                  months ended   Months ended   Year ended
                                  30 June 2006   30 June 2005  31 Dec 2005
                                                   (Restated)   (Restated)
                                         £'000          £'000        £'000

Net profit for the period                   17            760        1,185
FRS20 current year adjustment
(note 1)                                    80              -            -
Share premium decrease*                (8,723)              -            -
Retained profit and loss reserve
increase*                                8,723              -            -
                                     ==========      =========    =========
Net movement in shareholders'
funds                                       97            760        1,185
                                     ==========      =========    =========
Opening shareholders' funds as
previously reported                      9,035          7,700        7,700
Prior year adjustments (note 1)              -             50          150
                                     ==========      =========    =========
Opening shareholders' funds as
restated                                 9,035          7,750        7,850
                                     ==========      =========    =========
Closing shareholders' funds              9,132          8,510        9,035
                                     ==========      =========    =========

*At the Annual General Meeting held on 23 May 2006 a special resolution was
passed to transfer £8,723,000 standing on the credit of the company's share
premium account to distributable reserves. Following the AGM an application to
the High Court was made and this completed on 28 June 2006.

3. Reconciliation of operating profit to net cash flow from operating activities

                                    Unaudited six  Unaudited six
                                     months ended   Months ended   Year ended
                                     30 June 2006   30 June 2005  31 Dec 2005
                                            £'000          £'000        £'000

Operating profit                              266            971        2,243
Depreciation of tangible fixed
assets                                        241            223          482
FRS20 adjustment (note 1)                      80             50          150
Amortisation of intangible fixed
assets                                        288             60          312
Decrease/(increase) in working
capital balances                               84           (192)         905
                                         ==========     ==========    =========
Net cash inflow from operating
activities                                    959          1,112        4,092
                                         ==========     ==========    =========

4. Reconciliation of net cash flow to movement in net debt

                                    Unaudited six  Unaudited six
                                     months ended   Months ended   Year ended
                                     30 June 2006   30 June 2005  31 Dec 2005
                                            £'000          £'000        £'000
(Decrease)/increase in cash in the
period                                        (39)           836        2,423

Cash outflow/(inflow) from
decrease/(increase) in net debt               500           (998)      (2,498)
                                         ==========     ==========    =========
Changes in net debt resulting from
cash flows                                    461           (162)         (75)
Other                                         (11)           (43)           7
                                         ==========     ==========    =========
Movement in net debt in the period            450           (205)         (68)
Net debt at start of period                (3,793)        (3,725)      (3,725)
                                         ==========     ==========    =========
Net debt at end of period                  (3,343)        (3,930)      (3,793)
                                         ==========     ==========    =========

Notes to editors

About TG21

TG21 plc is a niche provider of business solutions to the automotive, public
transport, cellular and insurance markets. It operates via 3 core divisions:
Public Transport On-board Monitoring Systems, Services and Distribution.

TG21 holds a 75% stake in 21st Century, a leading provider of CCTV and black box
recording systems to the UK public transport sector. This black box technology,
pioneered by the aviation industry, offers features above and beyond standard
CCTV. 21st Century is the preferred supplier to Arriva UK Bus.

In the Services division, TG21 provides Insurance Services such as claims
handling and fulfillment, related to theft of in-car entertainment systems. TG21
provides a professional call centre and engineer response. Major customers
include Royal Bank of Scotland and Norwich Union. TG21 also provides Technical
Services, which include mobile vehicle installation of hands-free mobile phone
kits for UTL who manage the installation logistics for Vodafone.

TG21's Distribution division focuses on the distribution of automotive and
motorcycle products to the UK specialist aftermarket, to include security,
speed-camera warning, audio, navigation and multi-media systems.

TG21 employs around 250 staff with offices in Mitcham, Tamworth, Blackburn and

                      This information is provided by RNS
            The company news service from the London Stock Exchange