Fleet News

Toad remains on course for major European expansion

VEHICLE technology company Toad has seen a dramatic turn around in its financial fortunes having reported six-month gross profits up by 48% to £6.9 million. The company is on course to achieve its ambition of massive expansion in Europe through its alliance with Autoglass.

Turnover in the six months to June increased by 36% to £16.2 million (1998: £11.9m) with operating profits up to £1.3 million, compared to a £0.5 million loss in the same period in 1998. The number of vehicles Toad installed products into reached 175,000 in the period compared to 115,000 in the first half of 1998.

These are the third consecutive set of improved financial figures for Toad and represent a turnaround in performance from 1996, after its full first year of trading as a plc, when it reported losses of £2.2 million. Earlier this year Toad predicted it would become the largest car security company in Europe once it launches operations in Europe, matching Autoglass's own coverage. Aiding future success will be Spacetrac, a satellite vehicle tracking system with European coverage from Toad, expected to be functional by the middle of next year, which chairman Chris Evans said could 'completely change the future of Toad'.

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