Trafficmaster confident after order boost

Trafficmaster said today it was heading for a strong end to the year after posting first-half profits and signing a major order with Norwich Union.

The British insurance giant is working with Trafficmaster on a pay-as-you-drive product for the UK, which enables monthly premiums to be calculated on how often, when and where the customer drives.

Norwich Union recently placed an order for a further 35,000 units, which will be delivered in the second half of this year.

US truck-hire company Ryder has also ordered 5,000 fleet-tracking units, leaving Trafficmaster confident of accelerating its improved performance.

Revenues for the six months to June 30 rose 20% to £23.6m (€35m) with operating profits of £1.9m (€2.9m), against losses of £500,000 (€742,400) a year ago.

Chairman Colin Walsh said the satellite navigation specialist had benefited from a strategic review implemented by chief executive Tony Eales.

The strategy included a focus on business partnerships such as the tie-ups with Ryder and Norwich Union, as well as agreements with car manufacturers to fit Trafficmaster products as standard in new vehicles.

During the half-year, the operator of the Smartnav navigation system announced contract extensions with Peugeot, Mitsubishi, Subaru and Isuzu and concluded new deals with Ford and Mazda.

Mr Walsh said: “All three divisions of our business are showing good momentum.”