Fleet News

Toad doubles turnover to £9.6 million

A RESTRUCTURE within the car audio and security distribution specialist Toad has seen it double its turnover from £4.7 million in 1997 to £9.6 million this year. On Monday, the troubled group announced losses, before exceptionals and tax more than halved to £2.1 million, a decrease of 53% (1997: £4.5 million).

During the restructure the company made several key acquisitions - Sigma, Laserline and The Sextons Group - and set up an exclusive distribution agreement with Spacetrac. Toad has also announced acquisitions of assets from Foxguard and Code Alarms, strengthening its position in the vehicle alarm industry, a distribution agreement in the USA, along with winning a new £3 million contract with Royal & SunAlliance to supply car audio equipment to policy holders.

There will be a reorganisation of the company's board at the forthcoming annual meeting which will see Kevin Gray resume his role as a non-executive director, following the successful reorganisation of the business, with John Lewin to succeed as chief executive.

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