CybIT FY09 Pretax Profit Up, Sales Rise 30%; New Credit Facility
03 Juillet 2009 - 11:13AM
Dow Jones News
CybIT Holdings PLC (CYH.LN) Friday said its full-year pretax
profit increased due to a 30% rise in sales, although margins
declined following the intgeration of the Truck24 business.
The company also agreed a new three-year credit facility with
HSBC (HBC) to offset risk from its business with third party lease
providers.
For the fiscal year ended March 31, the provider of vehicle,
fleet and mobile workforce tracking solutions made a pretax profit
of GBP2.1 million from GBP1.6 million in fiscal 2008. Sales rose to
GBP25.5 million from GBP19.6 million a year earlier.
The firm said gross margins fell to 59% from 63%, due to lower
margin products from its recently integrated Truck24 business.
However, CybIT said it expects to improve operating margins as
cost-cutting benefits materialize.
CybIT said it has agreed in principle a new three-year GBP4
million committed revolving credit facility with its lender
HSBC.
It said this is to mitigate the fact that it uses a number of
third party lease providers to generate cash to drive future
growth.
Due to the global recession, the number of leasing companies
prepared to fund telematics business has reduced significantly,
CybIT said.
CybIT intends to start paying dividends and is applying for
cancellation of its share premium account to facilitate future
payments.
Company Web site: www.cybit.co.uk
-By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298;
hannah.benjamin@dowjones.com
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