Business
Interim Results
Interim Results.
About this update from Ithaca Energy Plc
[{"type":"text","content":"\n RNS Number : 9406I ITIS Holdings PLC 26 November 2008 \n \n\n\n\nITIS Holdings plc ('ITIS' or the 'Company') a leading road traffic and information data specialist is pleased to announce its interim results for the six months ended 30 September 2008. \n\nHighlights\n\n\n\nRevenue from continuing operations up 3.0% to £8.33m (2007: £8.09m), of which £2.24m is from Trafficlink (2007: £nil)\n\n\n\n\n\nLoss before taxation on continuing operations was £0.43m (2007: profit of £2.18m), prior to the impact of exceptional items (see note 1) of £0.56m (2007: £nil), whilst loss before taxation on continuing operations after exceptional items was £0.99m (2007: profit of £2.18m) \n\n\n\n\n\nBasic and diluted loss per share from continuing operations were 0.9p (2007: earnings per share 1.6p) \n\n\n\n\n\nNew PND and vehicle manufacturer contracts renewed\n\n\n\n\n\nSignificant opportunities for international business growth \n\n\n\n\n\nTrafficlink business fully integrated and new contract with Global Radio bringing 71 new stations \n\n\n\n\nStuart Marks, Chief Executive of ITIS commented: 'Given the strength of our business model and our consistent earnings growth in recent years, trading levels in the first half of this year are, of course, disappointing. We have successfully renewed all contracts that ended in the period and have won new business in both the PND and OEM markets. However, new car sales are at their lowest level since 1991 and the suddenness with which those sales deteriorated together with the fixed cost structure of our UK traffic business has contributed significantly to the fall in our results. This was combined with an unprecedented rise in fuel prices which led to a reduction in callers to our IVR service due to below average levels of congestion. We recognise that market conditions have changed radically and given that this new low level of activity may well continue, we have taken immediate steps to reduce our cost base. I am pleased, however, that due to recent technological advancements with o...