Peek Plc, the Abingdon, Oxfordshire-based traffic management and field data systems group, has seen profits bounce back in the interim to June 30, after a heavy tax hit and acquisitions depressed its full year figures (CI No 2,374). The company that relishes congestion and positively slavers at the thought of a jam, saw pre-tax profits rise 57.6% to UKP3.3m on turnover up 27.8% at UKP56.5m. The star performer of the group was its field-based service applications division, selling the ruggedised handheld computer, Husky. It had been becalmed in the last full year, but in this first half it enjoyed record orders and received the Queen’s Award for Technological Achievement in April, with orders from British Telecommunications Plc worth around UKP10m and the UK arm of Itron Inc worth UKP1.3m. Turnover was UKP18.9m, up 25.4%, and profit up 150.6% at UKP1.9m. The company is also buoyant about the future of its Traffic Division, where profit was up 7.4% at UKP2.5 on turnover that rose 29.0% at UKP37.6m. With greater congestion, the need for advanced electronic traffic control systems becomes more pressing. The company also believes that the pressure on public sector spending will produce more demands for private sector funding, and Peek feels well positioned to take advantage of the move to road-pricing with its relationship with Saab Combitech. The company will maintain its interim dividend at 1.05 pence. The shares added 4p to 93 pence on the news.
