RNS Number : 2470U
13 May 2008
13 May 2008
('the Company' or 'the Group')
AGM Trading Update
TG21, the vehicle installation service provider supplying public transport CCTV and other monitoring systems, is holding its Annual General Meeting today at 10.30am at The National Control Centre, Drake Road, Mitcham, Surrey, CR4 4HQ. Peter Ward, Executive Chairman, will make the following statement about current trading:
'Overall the Group is trading in line with market expectations for the year to date.
'Our public transport CCTV business continues to move from strength to strength, recording its highest ever sales performance to date, during the month of April. We anticipate a further uplift in revenue later in the year as we roll out the initial sales of our new EcoManager and passenger counting systems in the UK. We are also in the process of tendering for business in Europe for these products.
'Our car audio insurance replacement business continues to decline and, while sales within the embryonic black box motor insurance market are steady, we will require significantly more from this business in the second half of the year if it is to achieve management's targets.
'Cash flow remains strong and, despite exceptional expenditure relating to reorganisation costs arising from the disposals at the end of last year, our net debt has been maintained at under £1m.'
For enquiries please contact:
Peter Ward, Chairman
Nick Grimond, Chief Executive
TG21 plc Tel: 020 8710 4000
Barnaby Fry / Sarah Richardson
Hogarth Partnership Tel: 020 7357 9477
This information is provided by RNS
The company news service from the London Stock Exchange