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CybIT lifted by solid full-year results, confident outlook

3rd Jul 2009, 9:49 am CybIT lifted by solid full-year results, confident outlook

Shares in CybIT Holdings PLC (AIM: CYH) got a lift after the vehicle tracking specialist reported solid results for full-year to end-March 2009 and said it well placed to continue its success despite the uncertain economic outlook.

Investors liked the news, sending the shares up 10 percent in early trades.

The telematics group reported a rise in sales to £25.4 million from £19.7 million the previous full year, while pretax profit rose to £2.1 from £1.7 million as year earlier.

“The outlook for the group remains positive, and although highly competitive, the market for our telematics solutions remains strong. In the commercial sector, our financial strength and successful track record is helping us to win new business and ensure a competitive edge over smaller competitors in our market,” CybIT said in a statement.

It continues to review opportunities for acquisitive growth on an ongoing basis and anticipates that there will be further opportunities to accelerate growth in the future, it added.

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