21st Century cash flow ahead of expectations

13th Dec 2011 13:20

Shares in public transport CCTV company 21st Century jumped after the firm announced that cash flow generated from operations will be significantly ahead of expectations for the second half of the year ended 31 December. Full year profits after tax from continuing activities are expected to be in line with market expectations. The company is continuing to expand into overseas markets by investing in innovation and developing new and existing partnerships. It has strengthed its presence in Scandinavia, the firms second largest market, through the establishment of a wholly owned subsidiary, 21st C. Scandinavia AB. Chief executive Nick Grimond said: "We are extremely pleased with the performance in the current year and encouraged to have significant pipeline sales opportunities as we approach the year end. As previously stated, we continue to progress the sale of our freehold property in Surrey."The company has a strong cash position, providing a sound financial base from which to support our growth plans and take advantage of opportunities in favourable markets as they develop."The company now has no bank debt and had £2.7m cash at 30 November compared to net debt of £0.6m at 30 June 2011. The share price rose 4.17% to 12.5p by 13:29.NR