Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

21st Century Tech (C21)

  Print      Mail a friend       Annual reports

Tuesday 19 July, 2011

21st Century Tech

Half Yearly Report

RNS Number : 6137K
21st Century Technology PLC
19 July 2011
 



19 July 2011

 

21st Century Technology plc ("21st Century", "the Company" or "the Group")

 

Interim Results for the six months ended 30 June 2011

 

 

21st Century, a leading supplier of public transport CCTV and other monitoring systems, including their award winning EcoManager, today announces its unaudited interim figures for the six months to 30 June 2011.  

 

Highlights

 

·      Revenue for the six months up 39% to £7,825,000 (2010: £5,632,000)

·      Profit after tax up 76% to £530,000  (2010: £301,000)

·      Net margin up 28% to 6.8% of revenue (2010: 5.3%)

·      Sales to FirstGroup UK Bus (new customer last year) up 94% to £996,000 (2010: £514,000)

·      Several EcoManager trials underway in  Europe and the Middle East

·      Earnings per share from continuing operations 0.57p (2010: 0.37p)

·      Deficit on the parent company reserves eliminated following cancellation of share premium

 

 

 

 

Commenting on the results, Jan Holmstrom, Chairman of 21st Century, said:

 

"We have delivered another strong performance for the period on the back of new contracts won in mainland Europe and improved sales in the UK on certain contracts.  We are continuing our drive to develop domestic and international sales opportunities for CCTV, EcoManager and our passenger counting system. The Group continues to strengthen through our actions and with EcoManager gaining considerable interest and traction in Europe and the Middle East we are looking forward to the future with optimism."

 

A copy of this interim results announcement is available on the Company's website: www.21stplc.com

 

 

For Further Information: 

 

21st Century Technology plc 




Wilson Jennings 

020 8710 4016 


Finance Director 


MHP Communications Ltd




Barnaby Fry 

020 3128 8100 


Vicky Watkins


Daniel Stewart & Co plc



Nomad

Paul Shackleton

020 7776 6550 


Noelle Greenaway


Corporate Broking

Sean Lunn



Martin Lampshire


 

 

Notes to editors:

 

21st Century Technology plc (AIM: C21), a leading supplier of public transport CCTV and other monitoring systems, was admitted to trading on AIM, a market operated by the London Stock Exchange, in 2005.

 

21st Century is the preferred supplier of on-board CCTV systems for Arriva UK Bus and the Go-Ahead Group in the UK and an approved supplier to FirstGroup UK Bus.  

The Company has pioneered the use of WiFi with on-board CCTV systems and Transport for London commissioned the Company to undertake a trial of 'LiveView' - a system which transmits live CCTV pictures from on board the bus to a public transport and police control centre.  21st Century was also the first company to successfully launch Automatic Video Downloads and a bus CCTV monitoring system (HeartbeatTM) which allow the CCTV manager to remotely download CCTV footage from the bus to his computer and check that all the CCTV systems fitted to his buses are fully operational, without leaving his desk.   The company's overhead camera passenger counting device, known as Passenger Analysis System ("PAS"), links to the ticket machine and enables bus operators to analyse specific bus route ticket sales and passenger numbers.

21st Century's EcoManager product has made a significant contribution to sales since its launch in July 2008. The EcoManager black-box system is aimed at reducing fuel and maintenance costs, reducing emissions and improving safety for bus operators by monitoring individual driving styles against fuel consumption. Following a successful trial, in April 2009 Arriva UK committed to install the device on all their new buses and to retrofit a large proportion of their existing fleet. In November 2009 Arriva North West and Merseytravel won the industry recognised Alexander Dennis Award for Innovation following their installation of the EcoManager system which yielded fuel savings of up to 12%, associated CO2 emission reductions and a 62% reduction in accidents. This was followed in 2010 with a driver safety award for EcoManager presented by the road safety charity, Brake. 

For further information go to www.getecomanager.com.

 

 

 

 

21st Century Technology plc

 

Chairman's statement

 

Results overview

 

The financial information contained within this interim report is based upon the Group's unaudited results for the six months to 30 June 2011.

 

I am pleased to report that in the first half of 2011 the Group has achieved a 76% increase in profit after tax to £530,000 (2010: £301,000) on revenue up 39% to £7,825,000 (2010: £5,632,000).

 

The Group is focused on the supply of CCTV and other monitoring systems to the public transport market.  These embrace the supply and installation of mobile (on vehicle) and fixed (on premises) CCTV, EcoManager driver monitoring and our passenger counting system, PAS. 

 

In the UK we supply mobile CCTV to three of the largest bus operators - Arriva UK Bus, the Go-Ahead Group and FirstGroup UK Bus.  FirstGroup UK Bus was added to our client list at the start of last year and I am pleased to report that in the first 6 months of this year sales to this company have almost doubled to £996,000 (2010: £514,000). 

 

We continue to pursue our strategy of looking to mainland Europe for growth opportunities and this year we have invested in additional European sales staff to support expansion outside of the UK.  We are already seeing the results of this investment and I was particularly delighted to announce in January this year that the Group was awarded two contracts with a total value of £7.2m by Keolis Sverige AB ("Keolis") to supply CCTV systems, related maintenance and depot infrastructure for a total of 1,475 buses which Keolis operates under the 'Busslink' trading name in Stockholm.  Approximately £6.4m of this contract is expected to be delivered in the current year and at 30 June 2011 we had successfully completed one contract and commenced the second.  As at 30 June we have invoiced a total of £4,724,000 in respect of these contracts.  To provide operational support for the Keolis contracts we set up a wholly owned subsidiary company in Stockholm which will also provide a platform for further business development in Scandinavia.  The set up and operating costs of this subsidiary of £0.25m to 30 June 2011 have been included in administrative expenses within the Consolidated Statement of Comprehensive Income.

 

To date we have sold mobile CCTV and EcoManager in eight countries in Europe and currently have major trials of EcoManager running with four potential new customers  in Europe and one in the Middle East.

 

Cash flow and working capital

 

Sales invoiced in June 2011 were particularly high as we completed the first of the Keolis contracts and this resulted in an increase in trade receivables at 30 June compared to last year.  Following the Tsunami in Japan earlier in the year, we took the precaution of buying in extra stock of key components that are sourced from the Far East to hedge against possible shortages and we continue to monitor our supply chain closely.  As a result of this increased investment in working capital our net bank borrowings at 30 June 2011 have risen to £0.6m which compares to a facility of £2m and a positive cash position £1.1m at the start of the current year.   However, we anticipate that the Group will be cash positive again by the year end. 

 

Land and buildings

 

The Group owns its head office premises in Mitcham, Surrey, which comprises 51,000 sq ft of office and warehouse space on a 3.2 acre site.  As reported previously, since the disposal of our legacy distribution businesses, these premises have been underutilised and we are actively marketing the property for sale.  Consequently, since 31 December 2010, the carrying value of these land and buildings has been included under current assets held for sale in our Consolidated Statement of Financial Position.  We have received a number of enquiries from potential purchasers of the site but no firm offers as yet.  To improve the attractiveness of the property to developers we have, subject to the completion of a s106 agreement, obtained planning permission to build a number of light industrial units on the site.

 

Cancellation of share premium account and dividends

 

At the Annual General Meeting ("AGM") held on 1 June 2011 a special resolution was passed to transfer £3,387,000 standing on the credit of the parent company's share premium account to distributable reserves.  Following the AGM an application to the High Court was made and this completed on 23 June 2011.  Consequently the deficit on the parent company's distributable reserves, which had prevented the Company from paying a dividend, has now been eliminated.  The Board will give serious consideration to the payment of a full year dividend if the Company has sufficient surplus distributable reserves and cash and the Board considers that the distribution is in the best interests of the Company.

 

Current trading and outlook

 

We are currently trading in line with management expectations.  There are a number of EcoManager trials in progress with customers and potential customers in mainland Europe and the Middle East. We are hopeful that these, along with our other marketing activities, will generate further sales overseas in the short to medium term. The Group continues to strengthen through our actions and we are looking forward to the future with optimism.

 

 

 

 

Jan G Holmstrom

Chairman



Consolidated statement of comprehensive income

 


Unaudited

six

months ended

30 June

2011

 

£'000

Unaudited

six months ended

30 June

2010

 

 

£'000

Year ended 31 December

2010

 

 

 

 

£'000

Continuing operations




Revenue (note 3)

7,825

5,632

10,840





Cost of sales

(3,781)

(2,255)

(4,550)





Gross profit

4,044

3,377

6,290

Other operating income

-

40

88

Administrative expenses

(3,300)

(2,927)

(5,508)





Operating profit (note 3)

744

490

870

 

Finance costs                                                    

(14)

(5)

(10)





Profit before taxation

730

485

860





Taxation

(200)

(140)

(240)





Profit for the period from continuing operations

530

345

620





Discontinued operations




Loss for the period from discontinued operations

-

(44)

(57)





Profit and total comprehensive income for the period

 

530

 

301

 

563





Earnings per share from continuing operations (note 4)








Basic and diluted

0.57p

0.37p

0.67p





 



Consolidated statement of changes in equity shareholders' funds

 

 
Share
Capital
Share
premium
Special and other reserve
Retained
earnings
Total equity
shareholders’
funds
 
£’000
£’000
£’000
£’000
£’000
Balance at 1 January
2010
 
9,223
 
3,387
 
1,249
 
(5,824)
 
8,035
Total comprehensive
Income for the period
 
-
 
-
 
-
 
301
 
301
Balance at 30 June
2010
 
9,223
 
3,387
 
1,249
 
(5,523)
 
8,336
Balance at 1 January
2010
 
9,223
 
3,387
 
1,249
 
(5,824)
 
8,035
Total comprehensive
Income for the period
 
-
 
-
 
-
 
563
 
563
Balance at 31 December
2010
 
9,223
 
3,387
 
1,249
 
(5,261)
 
8,598
Cancellation of share premium
 
-
 
(3,387)
 
-
 
3,387
 
-
Total comprehensive
Income for the period
 
-
 
-
 
-
 
530
 
530
Balance at 30 June
2011
 
9,223
 
-
 
1,249
 
(1,344)
 
9,128

 

At the AGM held on 1 June 2011 a special resolution was passed to transfer £3,387,000 standing on the credit of the parent company's share premium account to distributable reserves. Following the AGM an application to the High Court was made and this completed on 23 June 2011. 



Consolidated statement of financial position

 

 
Unaudited
30 June
2011
Unaudited
30 June
2010
31 December
2010
 
 
£’000
£’000
£’000
Non-current assets
Goodwill
 
4,318
 
4,318
 
4,318
Other intangible assets
182
225
183
Property, plant and equipment
68
2,777
115
Deferred tax asset
160
190
160
 
4,728
7,510
4,776
Current assets
Inventories
 
2,140
 
1,297
 
1,058
Trade and other receivables
4,375
2,663
1,840
Cash and cash equivalents
135
605
1,146
 
6,650
4,565
4,044
 
 
 
 
Assets classified as held for sale
2,592
-
2,592
 
9,242
4,565
6,636
 
 
 
 
Total assets
13,970
12,075
11,412
 
 
 
 
Liabilities
Current liabilities
 
 
 
 
 
 
Trade and other payables
(3,048)
(2,471)
(1,937)
Tax liabilities
(482)
(212)
(282)
Bank overdrafts and loans
(722)
(450)
-
Provisions
(130)
(72)
(173)
 
(4,382)
(3,205)
(2,392)
 
 
 
 
Net current assets
4,860
1,360
4,244
 
Non-current liabilities
 
 
 
 
 
 
Provisions
(98)
(172)
(60)
Deferred tax liabilities
(362)
(362)
(362)
 
(460)
(534)
(422)
 
Total liabilities
 
(4,842)
 
(3,739)
 
(2,814)
 
Net assets
 
9,128
 
8,336
 
8,598
 
Shareholders’ equity
Share capital
 
9,223
 
9,223
 
9,223
Share premium account
-
3,387
3,387
Special and other reserve
1,249
1,249
1,249
Retained earnings
(1,344)
(5,523)
(5,261)
 
Total equity shareholders’ funds
 
9,128
 
8,336
 
8,598

 

Consolidated statement of cash flows

 

 
Unaudited
six months ended
30 June
2011
Unaudited six months ended
30 June
2010
Year ended
31 December 2010
 
 
£’000
£’000
£’000
Net cash (used in)/generated from operating activities (note 5)
 
(1,692)
 
(311)
 
690
 

Investing activities
 
 
 
 
Disposal of discontinued operations*
 
-
 
100
 
100
 
Purchases of property, plant and equipment
 
(31)
 
(24)
 
(11)
Purchases of intangible fixed assets
(10)
(132)
(155)
 
Net cash used in investing activities
 
(41)
 
(56)
 
(66)
 

Financing activities
 
 
 
 
 
 
Repayment of borrowings
-
(250)
(250)
 
Increase/(decrease) in bank overdrafts
 
722
 
449
 
(1)
Net cash generated by/(used in) financing activities
 
722
 
199
 
(251)
 

Net (decrease)/increase in cash and cash equivalents
 
(1,011)
 
(168)
 
373
 

 
Cash and cash equivalents at beginning of period
 
1,146
 
773
 
 
773
 
Cash and cash equivalents at end of period
 
135
 
605
 
1,146
  

* The amount received in 2010 was deferred consideration in respect of the disposal made in 2009.

Notes

 

1.         Basis of preparation and approval of interim statement

 

The financial information for the six months ended 30 June 2011 and for the six months ended 30 June 2010 is unaudited.

 

The interim financial statement for the six months to 30 June 2011 has been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union ("EU") and specifically in accordance with International Accounting Standards ("IAS") 34 'Interim Financial Reporting'.  It does not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2010.

 

The financial information has been prepared on the basis of IFRSs that the directors expect to be applicable as at 31 December 2011.

 

The accounting policies adopted in the preparation of the interim financial statements are consistent with those set out in the Group's Annual Report and Financial Statements 2010, which were prepared in accordance with IFRSs.

 

This interim financial statement does not comprise statutory accounts within the meaning of section 435 of the Companies Act 2006.  Statutory accounts for the year ended 31 December 2010 were approved by the Board on 22 March 2011 and delivered to the Registrar of Companies.  The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498(2) or section 498(3) of the Companies Act 2006.

 

The interim financial statement was approved by the Board of Directors on 18 July 2011.

 

 

2.   International Financial Reporting Standards

 

The Group follows the Standards and Interpretations issued by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretations Committee of the IASB and endorsed by the EU that are relevant to its operations. 

 

 

3.         Segmental reporting

 

 

Continuing operations

by business sector with revenue reflecting sales to external customers

Public

Transport

Monitoring

Systems


£'000

Unaudited six months ended 30 June 2011


  Revenue

7,825

  Operating profit

744

Unaudited six months ended 30 June 2010


  Revenue

5,632

  Operating profit

490

Year ended 31 December 2010


  Revenue

10,840

  Operating profit

870

 

 

 

Discontinued operations

by business sector with revenue reflecting sales to external customers

Vehicle

Installation

Services


£'000

Unaudited six months ended 30 June 2011


  Revenue

-

  Operating loss

-

Unaudited six months ended 30 June 2010


  Revenue

66

  Operating loss

(44)

Year ended 31 December 2010


  Revenue

66

  Operating loss

(57)

 

4.         Earnings per ordinary share

 

Details of the weighted average number of ordinary shares used as the denominator in calculating the basic and diluted earnings per ordinary share are given below:

 


Unaudited six months ended

30 June 2011

Unaudited

six  months ended

30 June 2010

Year ended

31 December 2010


'000

'000

'000

Basic weighted average number of shares

92,229

92,229

92,229

Dilutive potential ordinary shares

235

-

-

 

92,464

92,229

92,229

 

5.         Cash generated from operations

 

 
Unaudited six
months ended
30 June
2011
Unaudited
six months ended
30 June
2010
Year ended
31 December 2010
 
£’000
£’000
£’000
Profit for the period
530
301
563
 Finance costs
14
5
10
 Income tax expense
200
140
240
 Depreciation/amortisation
89
220
343
 Decrease in provisions
(5)
(33)
(44)
 Increase in working capital balances
(2,509)
(816)
(274)
 Cash (used in)/generated from operations
(1,681)
(183)
838
 Income taxes paid
-
(98)
(98)
 Interest paid
(11)
(30)
(50)
Net cash (used in)/generated from operating activities
 
(1,692)
 
(311)
 
690
 
 
 
 

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