22 December 2004
Real time passenger information provider Connexionz Ltd has achieved a major half-year turnaround in its first financial report after listing on the NZAX.
In the six months to 30 June 2004, Connexionz' sales increased nearly four times compared with the previous period - from $599,148 to $2.36 million - while net profit before tax moved from a loss of $506, 951 to a gain of $751,686.
In addition, Connexionz has also announced its first RTPI system sale in the United States, to a public bus company in Arlington, Virginia, just outside Washington DC.
"This is initially a pilot system that is now operating successfully, and which is an important reputation breakthrough in North America, where companies such as Connexionz face considerable challenges in getting established," said Mr Boyce.
The company already has its Bus Finder RTPI systems operating in Christchurch, Auckland and Sydney.
"Tenders for significant RTPI systems have been applied for in New Zealand, Australia and the United Kingdom," said the chairman Mr Craig Boyce.
"We are confident of the product and our ability to apply it in any of the cities currently going to tender," said Mr Boyce.
The company was now in much better shape financially as the result of the expansion work involved on the Christchurch RTPI system in the six months to 30 June 2004.
With the working capital position markedly improving from a negative $142,772 to $740,667, sufficient cash reserves were in the balance sheet to see the company through to its next major contract, said Mr Boyce.
In his review, Managing Director Robert Burke said the Christchurch RTPI system Metro Info had been considerably expanded by Environment Canterbury. Passengers will be accessing RTPI at over 500 bus stops, and 22 large LED signs operated at major stops, including those servicing malls.
"Website and cell phone access to the RTPI system is being commissioned and this initiative is expected to have a major impact on Connexionz' role in further increasing patronage on a public bus system," said Mr Burke,
"The company's results continue to be dependent on winning new projects, and with the level of market activity currently being observed, Connexionz is confident of a busy next 18 months," said Mr Burke.
