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News News by industry Hi-tech Cybit tracks its share price upwards after numerous contract wins | Cybit tracks its share price upwards after numerous contract wins |
| Written by Sam Fountain | |
| Wednesday, 26 March 2008 | |
 Telematics provider, Cybit has announced over £1.2m in new business, contract renewals and extensions for its Fleetstar Vehicle Tracking System, adding almost ten per cent to its share price.
The Godmanchester-based firm said that a number of companies, both at the local and national level, have either signed up for or renewed exiting contracts to use its internet-based telematics solution, which enables customers to see the exact location, journey history and speed of every vehicle in their fleet. "We are delighted to announce these business wins for our Fleetstar Solution," said Cybit's CEO, Richard Horsman. "We have built a strong asset management platform, from which, we are able to offer scalable software and associated services a wide range of sectors." It said that existing clients Sainsbury's Online Groceries, May Gurney, SIG plc and SPI Ltd had all renewed and expanded contracts with the firm, accounting for a combined 2,765 Fleetstar units. It also said that it had landed new contracts with building services solutions company, Specific Heat and LWC Limited, the UK's largest drinks distributor, but did not give specifics about the new deals. The company, which posted a 57 per cent boost in sales revenue in December last year, says that it is well placed for continued growth. "The current rate of new business wins is very encouraging and consolidates our position as one of the UK's leading service providers," said Horsman. "Our telematics solutions are increasingly recognised as important business tools for companies to reduce costs and improve efficiency. We are confident that we will continue to deliver further positive news in the future." Shares in the firm have grown by over nine per cent, or 4p to 48p, taking the company out of a recent dip experienced across the entire market. Cybit is a global force in telematics, operating within three core sectors: Internet-based vehicle Telematics solutions; Economic Exclusion Zone (EEZ) Management; and Private Mobile Radio (PMR) based asset tracking and precise positioning solutions.
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