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SureTrack Monitoring
- BY: Andrew Hore |
- POSTED: 11/02/2011 |
Asset tracking services provider SureTrack Monitoring says that although its revenues have been lower than expected the operating loss will also be below expectations.
A pre-tax loss of £500,000 was forecast for the year to January 2011 by broker Merchant Securities.
Last June, SureTrack signed an agreement with Ford, which made the MT2 tracking device an approved dealer fit accessory for commercial vehicles and cars and it was allocated a Ford part number. However, sales have not built up as quickly as hoped and that explains the shortfall in revenues. Management still believes the deal will be significant but some of the dealers are still being trained.
Orders are coming in from caravan maker Explorer and the plant hire market is beginning to recover. SureTrack has signed up a distributor in South Africa.
At 0.45p a share, SureTrack is valued at £2.98m.
SureTrack raised £1.42m, or £1.16m after costs, at 0.6p a share when it joined Aim last August.
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