News blog

SureTrack Monitoring

  • BY: Andrew Hore |
  • POSTED: 11/07/2010 |

SureTrack Monitoring is moving from Plus-quoted to Aim in order to raise cash to help finance the growth of the asset tracking business.

Coventry-based SureTrack operates a GSM-based asset tracking service using its own monitoring platform. The core customer base is the owners of construction vehicles and plant but it can also be used by owners of other vehicles and assets with a high value. SureTrack’s subsidiary IBP provides security products for financial and cash-in-transit businesses.

The company’s MT2 device can be tracked to an accuracy of one metre and can provide its location even if it is inside of the vehicle or the asset is in a building. The device has a three year battery life. There is a charge for the device and an annual monitoring subscription. There is also a charge for servicing the device every two or three years.

SureTrack employs a network of people who track down assets when they are stolen. There is a flat fee for the first nine hours of tracking. If the asset is not found in that time the finder makes an assessment of whether or not it is worth continuing to search for it.

During June, SureTrack signed an agreement with Ford, which made the MT2 an approved dealer fit accessory for commercial vehicles and cars and it was allocated a Ford part number.

Revenues grew from £345,000 to £671,000 in the year to January 2010. The reported loss was £1.16m. That included goodwill impairment of £868,000. In the three months to April 2010, SureTrack increased its revenues from £118,000 to £144,000, although the operating loss almost doubled to £107,000. 

SureTrack joined Plus-quoted on 2 July 2007 at an introduction price of 3p a share. Prior to the flotation SureTrack raised £300,000 at 1p a share. 

SureTrack intends to raise £1.42m gross, or £1.16m after costs, from a placing at 0.6p a share. The share price was 0.8p at the end of June 2010. The cash will go on building up stocks in order to service recent contract wins and additional spending on marketing. Loans of £150,000 will be swapped for 25m shares.

SureTrack plans to join Aim on 3 August. Merchant John East will be nominated adviser and broker.

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds