CybIT Holdings Fiscal Year Pretax Profit GBP2.14 Million Vs GBP1.69 Million

Cybit Holdings Plc (CYH.LN), an international provider of telematics based products and services for the management and control of land and sea based assets, announced Friday its preliminary results for the year ended March 31, it made a pretax profit GBP2.14 million compared with GBP1.69 million.

MAIN FACTS:

-Revenue: GBP25.48 million (2008: GBP19.67 million)

-EBITDA: GBP5.47 million (2008: GBP4.26 million)

-Operating profit: GBP3.94 million (2008: GBP3.26 million)

-Cash (net of overdrafts): GBP2.02 million (2008: GBP2.43 million

-Earnings per share: 7.06 pence (2008: 4.65 pence)

-14% year on year organic growth excluding Truck24

-Net Asset Value up 16% from GBP12.1 million to GBP14.1 million

-GBP2 million reduction in year on year operating costs

-Operational cost cover from free cash flow increased from 71% to 82%

-Internal lease book represents GBP8.2 million of future profit which will be recognised over the next three to five years

-New three year GBP4 million committed revolving credit facility agreed with HSBC(HSBA.LN)

-Application being made for cancellation of Share Premium account to facilitate future payment of dividends

-Three year exclusive agreement with Ford (F) to provide aftermarket telematics solutions in the U.K.

-Significant telematics contracts with Homeserve Plc (HSV.LN), Stannah Lifts Ltd, Northern Ireland Electricity and The Highways Agency

-The outlook for the Group remains positive, and although highly competitive, the market for its telematics solutions remains strong

-In the commercial sector, its financial strength and successful track record is helping us to win new business

-The Board remains confident about the prospects for Cybit and the telematics market as a whole

-The Board is confident that profitability can be maintained even if the global economy does not improve over the medium term

 -By London Bureau, Dow Jones Newswires; Contact Ian Walker; [phone]; [e-mail] 
 

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