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Minorplanet Systems

  • BY: Andrew Hore |
  • POSTED: 31/07/2007 |

Minorplanet Systems warns that its full year figures will be well below expectations. 

The telematics firm’s management says that the figures will be better than last year when it reported a £1m profit. Sales growth in the UK is slower than hoped and Germany continues to lose money, albeit a reduced amount. New product launches have been delayed and a change in the sales model for large corporate deals has also had a negative impact on profits.
A new UK sales and marketing director is being sought, while the new products have been thoroughly tested and launched.
Management says that it is confident that profits will grow but more important will be signs that Minorplanet is generating cash. The change in the corporate sales model from third party leasing deals to outright sales with maintenance contracts will have a negative impact on revenues and cash generation.
The market took the news badly and the shares fell 11.5p to 35p.

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