Minorplanet forecasts flat profits

VEHICLE tracking company Minorplanet today said it was confident about the future growth of the business.

The Leeds-based company stopped discussions with a potential suitor regarding a takeover approach in July.

Minorplanet was initially made the subject of a takeover approach in May by an undisclosed third party. However, a week later Minorplanet said it had dismissed the potential takeover offer believing it remained confident going forward thanks to a strong UK market and a number of key contract wins worldwide.

The company provides products which can track drivers and monitor how long they are behind the wheel.

It said today it expected its full year results for the year ended August 31 to be flat compared with the previous year because of “toughening market conditions”.

In a trading update Minorplanet said: “The fulfilment of certain large contracts was delayed until the new financial year and, with this in mind, the board reiterates its confidence in the future growth of the business.”