Telematics venture Minorplanet said sales 'continue to meet expectations' in a bullish trading statement. The company, which develops Vehicle Management Information (VMI) systems, reported that the trend established in the first half to 28 February is 'continuing firmly on course' and that 'current sales continue to meet expectations'. Furthermore, the board said that as sales in each market start to cover their overheads, 'gross margins will leverage into substantial earnings'. The expanding company now has sales and distribution operations in the United States, France, Germany, Holland, Spain, Ireland and Australia. In May, buoyant sales figures were posted for the half year to 28 February 2001, with sales boosted by 169% to £16.4m, although overseas expansion and research and development spend widened pre-tax losses from £300,000 to £400,000. At the time, chairman Michael Abrahams was bullish regarding the group's prospects overseas. 'Within the next two to three years, the company expects to be operating throughout Western Europe, the whole of North America, Australia and in some Pacific markets', he asserted.