News blog

21st Century Technology

  • BY: Andrew Hore |
  • POSTED: 11/10/2013 |

Former Quadnetics boss Russ Singleton is taking over as chief executive of 21st Century Technology. 

The news led to a jump of one-fifth in the share price to 6.88p a share, which values the transport CCTV systems supplier at £6.41m. The share price has halved in the past six months.

In August, Wilson Jennings announced that he was stepping down as chief executive and he will remain for a further three months.

Singleton left Aim-quoted Quadnetics, now known as Synectics, in 2010 having been chief executive between 2002 and 2008 and subsequently strategic development director. He then set up Coretrol, which is focused on the security markets.

Glenn Robinson, who has worked with Singleton at Quadnetics and Coretrol, becomes finance director.

Singleton and Robinson have each been awarded options over nearly 3.85m with an exercise price of 6.5p a share - the par value. That was 0.87p above the share price prior to the announcement of the appointments. Singleton has acquired 1.5m shares and Robinson 994,817 shares - both purchases at 6p a share.

Mark Elliott will continue as executive chairman until a strategic review is completed.

Delayed overseas contracts and the ending of a £1m plus contract with Go-Ahead led to a reduction in 2013 revenue expectations from £14m to £10.5m. Revenues had been flat at £14m for the previous two years. The company should breakeven this year, down from a £1.8m profit in 2012.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2013_48.pdf

© 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 This material may not be published, broadcast, rewritten or redistributed.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