News blog
21st Century Technology
- BY: Andrew Hore |
- POSTED: 08/02/2010 |
Drake Investments will not be taking up its option to buy CCTV systems supplier 21st Century Technology’s head office in Mitcham.
In October 2008, Drake obtained an option to buy the property for £2.7m. This option lapsed on 5 February 2010 due to the inability to gain planning permission for the proposed scheme.
Net debt was £314,000 at the end of June 2009, so 21st Century can afford to take a bit longer to sell the property.
Since then £500,000 has been paid as final deferred consideration for 21st Century Crime Prevention Services Ltd. 21st Century has sold motorcycle alarm supplier Datatool for a similar amount and wound down its insurance vehicle installation services business. There will be reorganisation costs of £250,000.
The core vehicle CCTV business has won a £6m, three year contract with bus operator Go-Ahead.
At 6p a share, down 0.5p on the day, 21st Century is valued at £5.53m. Peter Gyllenhammar recently increased his stake to 24.3%.
Profits of £500,000 are forecast for 2009 – there was a £284,000 profit in the first half.
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