26th Mar 2019 11:18
LONDON (Alliance News) - 21st Century Technology PLC on Tuesday swung to an annual profit due to gains on share-based payments.
For 2018, the technology provider to the transport business posted pretax profit of GBP139,000 compared with GBP364,000 pretax loss a year ago.
The return to profitability was due to a GBP398,000 gain on share-based payments compared to a GBP224,000 loss last year. Furthermore, 2018 saw the lack of any cost associated with the company's reorganization, which last year came in at GBP88,000.
Meanwhile, revenue rose marginally to GBP12.6 million from GBP11.8 million a year prior.
"Our performance last year reflected the state of flux of the UK transport sector whereby continued PTA and local authority spending constraints resulted in significantly lower investment in new vehicles," Chief Executive Officer Russ Singleton said.
He added: "In the UK we ensured our clients met regulatory requirements and extended the life of older vehicles via retro-fits, while we sought to grow recurring revenues and expand overseas sales."
Fleet sales were up 10% to GBP8.2 million, with good performance especially in non-EU markets. Passenger sales rose 2.3% to GBP4.4 million.
Looking ahead, 21st Century Technology said it is confident in its ability to grow the business over the coming years.
21st Century Technology shares were trading 2.6% lower at 3.02 pence each on Tuesday morning.
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