Cybit reports 79 per cent increase in turnover for six months ended 30 September 2003

Cybit has confirmed its position as the UK’s fastest growing provider of fleet management and telematics solutions with the announcement of its interim results for the six months ended 30 September 2003. During its first six months trading Cybit achieved a 79 per cent increase in turnover over the same period last year, generating a profit and building a strong financial base for the company’s continued growth – both organically and through potential acquisitions.

Cybit now has around 450 customers in the UK and supports more than 8,000 fixed and mobile assets with its Fleetstar-Online and cybitfleet.com solutions. The company’s volume of business has doubled since the same period last year, with the Internet-based Fleetstar-Online service, in particular, generating substantial revenues for Cybit. With increasing cost reductions now available to customers, the last six months have seen an increasing number of large fleets adopting Cybit technology, and the average number of vehicles implemented per customer growing from eight in 2002 to 24 by the end of September 2003.

"During the first six months of our financial year we’ve made strong progress, growing business volumes, launching major upgrades to our Fleetstar-Online and cybitfleet.com solutions, and significantly developing our indirect channel and reseller business," commented Richard Horsman, Cybit’s CEO. "We’ve also succeeded in growing our business profitably despite challenging market conditions - and that’s largely due to the market’s positive response to the improved ROI and competitive advantage that can result from the continued evolution of our telematics technology platforms. Another key development has been the growth in the non-hardware side of our business, with key consultancy contracts from organisations such as AWG, fountains and Ryder, and we’ll be looking to build on this growth during the second half of our financial year."

Growth in indirect business
Cybit has also increased its focus on the development of new channels to market that will allow the company to accelerate growth and increase market share. The existing partnerships with Lex Vehicle Leasing and Norwich Union have continued to evolve, and the company’s initial success with Lex has resulted in a new three year agreement which includes the proposed integration of Cybit’s Fleetstar-Online technology into Lex’s Interactive Fleet Manager offering. Cybit has also signed a major agreement with one of its key customers, brs Truck Rental, and is now developing a ‘white label’ version of the Fleetstar-Online solution as an integral element of a brs-branded telematics solution. This integrated solution will be offered as a premium service to both new and existing brs customers.

Cybit has also launched a major drive to recruit telematics and fleet management solutions resellers. Significant reseller contracts have been signed with Vanguard Plc and Signature Industries together with agreements with a number of smaller specialist companies.

In addition to integration with SmartNav off-board satellite navigation, Fleetstar-Online has now been further enhanced to support RAC Trackstar stolen vehicle tracking. The Internet-based solution has also received a number of performance and reporting enhancements, helping to confirm the Fleetstar-Online platform as one of the most scalable solutions of its type available in the market today. In addition, the cybitfleet.com platform has been upgraded with a new reporting suite based on similar capabilities offered with Fleetstar-Online. Cybit has also enhanced the General Packet Radio Service (GPRS) solution within cybitfleet to include two-way messaging. Interest in the GPRS offering is increasing as it allows for the development of cost-effective, real-time tracking applications and the transmission of volume data between vehicle and base over the GSM network.

Cybit is the UK’s fastest growing provider of telematics and fleet management solutions and, through its distinctive open-platform approach, delivers a full range of Internet-based software and support services to mobile workforces. Key users of Cybit’s offering include service engineers, commercial vehicle operators, rental fleet operators and users, mobile office workers and local authorities. The Cybit product suite is the first in the market to combine a range high-technology telematics devices and Internet-based fleet management software with personalised service 24/7. This enables Cybit operators to obtain data and deliver services or assistance via wireless networks for safety critical events, accident or breakdown, as well as providing support if a vehicle is stolen, or a driver is late or lost. Cybit is also the first company to combine these high technology solutions with a car pooling service to address vehicle congestion and optimise resources.

For more information, please contact:

Additional information about Cybit is available via the World Wide Web at www.Cybit.co.uk