SureTrack Monitoring (STMP), the Plus Markets listed asset protection, cash security, crime deterrent and tracking group, is set to transfer to AIM and raise £1.42m in a placing priced at 0.6p per share in the process. Dealings in the company are expected to begin on AIM on August 3, 2010
SureTrack boasts a blue chip client base including Ford UK, Network Rail, WS Atkins and UK Mail and is eyeing opportunities for growth throughout UK and Europe. The company was set up in April 2007 and runs two subsidiaries, Sure-Track Europe and IBP, both of which specialise in the supply of products to the asset protection and recovery markets.
Sure-Track Europe supplies proprietary GSM/GPRS/RF tracking devices to its customers, based both in the UK and throughout Europe, via distributors and through direct sales. IBP supplies a suite of products to its UK and European clients that focus on deterring or reducing the incidence of robbery, primarily related to cash and protecting the client's employees and customers from violent crime. IBP's clients include a number of financial institutions, a bank, a major supermarket, high street pharmacies and several police forces.
Will Hirons, SureTrack’s managing director, said: “The fundraising and admission to AIM will allow us to continue to expand the business and to take advantage of the opportunities that we have developed in both the UK and Europe. We are encouraged by the recent progress made by the company and we are in active negotiations with a number of potential customers for the company's products and as result we are very positive regarding the prospects for the business in the medium term.”
In the year to December 2009, SureTrack’s turnover almost doubled to £0.67m and gross profit trebled to £0.38m. However, it made a loss for the year of £1.16m against a loss of £0.33m the previous year due largely to a goodwill impairment charge of £0.87m and additional administration costs, both relating to the acquisition of IBP.
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