Stephen Wheatley, the company's chief executive, said Toad would be investing over £1 million during the next two years to establish itself as a major market player in the rapidly expanding telematics market.
Meanwhile Toad announced its pre-tax profits had grown by 40% to £2.6 million and that during the 53-week period ending December 31, 2000, the company's turnover had grown to £33.6 million, up from £31.9 million for the 52 weeks to December 1999. Net profit before tax grew to £2.6 million compared to £1.8 million in the 52 weeks to December 1999.
The company's mobile installation service to the fleet, insurance and retail industry contributed £14 million to the total sales figures. However, vehicle alarm sales fell by 6.5% to £9.5 million with the company blaming the negative impact of the dollar exchange rate.