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Archive Electronics Archive Centurion takes a hit from Toyota
Archive Electronics Archive Centurion takes a hit from Toyota | Centurion takes a hit from Toyota |
| Written by Business Weekly | |
| Thursday, 08 March 2007 | |
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Automotive infotainment firm, Centurion Electronics has issued a statement saying that the firm is unlikely to move into profit for the current financial year, due to sales to Toyota being ‘significantly’ below expectations.
The firm said that the premium ICE system it has designed and developed exclusively for Toyota Motor Europe will contribute to the company's performance in the year ending September 2008. The firm also said that it has two new contracts being finalised that would be announced next month. Centurion has made an agreement with its principal shareholder to borrow £1m at 7.5 per cent interest to cover the unexpected cash shortfall. Following the news, Centurion stocks fell 41.5 per cent, dropping 11p to 15.5p. |
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