Trafficmaster has announced pre-tax losses of more than £8 million for the six months to the end of June this year, from a profit of £1.2million for the same period last year.
But announcing an upgrade to its Fleetstar product, the firm remains upbeat about its prospects, blaming its losses on high expenditure on European and American expansion.
Chairman Sir James McKinnon said: "The programme impacted on our financial performance, increasing capital and revenue expenditures quite significantly. Most of this investment is now behind us and we are starting to see strong revenue growth during the second half of the year."
The company admitted that FleetStar, its traffic information and fleet reporting system launched last year, got off to a 'slower than planned start', but in the fourth quarter it will upgrade it to FleetStar II, which provides internet access and, the company promises, "other innovative features".
In the next two or three months, the firm will also present T-Nav, its digital real-time and predictive route guidance package. Trafficmaster also had its new £7 million headquarters in Cranfield opened by HRH The Princess Royal on September 18. (September 25, 2001)