21st Century Technology revenues improve as R&D provides 'enhanced' offerings

Transport solutions outfit 21st Century Technology told investors on Monday that its continued investment into research and development had delivered it a "more powerful suite of software solutions" and an "enhanced product portfolio".

21st Century anticipates its improved product offering to underpin sales progress and profitability in the coming years, with revenues in its current trading period also expected to be more than 10% higher than the preceding twelve months.

The AIM-listed group expects operating profits to be broadly in line with last year.

Chief executive Russ Singleton said: "We have made a lot of progress this year with our innovation-led growth strategy and our R&D capabilities are now beginning to differentiate us."

Elsewhere, 21st Century revealed it had agreed to extend the maturity date of £300,000 worth of existing loan notes until 31 March 2021 as it also secured an additional £250,000 from existing and new investors to enable the firm to continue its investment into R&D and provide new working capital.

"The additional working capital provided by the new loan notes will enable us to exploit additional opportunities as they become available and we look towards 2019 with confidence," added Singleton.

As of 0955 GMT, 21st Century shares were untraded at 2.95p.