Acquisitions boost order levels to record high at CybIT
A 57 per cent boost in sales revenue has led to a huge increase in pre-tax profits for telematics provider, CybIT, a pattern of growth the firm says it is well placed to continue.
As it predicted in June, Godmanchester-based CybIT' pre-tax profits for the six months to September were above market expectations at £616k, a very healthy increase from the £19k it posted this time last year. The profits jump came as a result of a 57 per cent surge in sales revenues, which grew to £9m from £5.8m for the equivalent period in 2006. The company said that a number of contract wins and its acquisition of Amatics during the period had provided its best performance to date, which it said gives the company confidence going into the second half of the year. "Business levels across the business have been strong with October and November representing our highest ever levels of order intake," said chairman Neil Johnson. "Accordingly we are looking forward to the second half with a high degree of confidence." Shares in the firm have shown over three per cent growth, climbing 2.5p to 51p.