Investors pushed down shares in Aim-listed Minorplanet Systems in early trading today after the vehicle tracking systems group unveiled 'excellent' figures for the full year and said that the current year was motoring along nicely, writes James Crux.

Full year figures to August from the telematics concern looked impressive, with sales up 206 per cent to £52.9 million and pre-tax profits after exceptionals boosted from £0.7 million to £5.3 million. During the year, Minorplanet (MPS) took a 62 per cent majority holding in US telematics play @Track which resulted in a £4.7 million exceptional gain on the conversion of a portion of the company's senior notes into equity.

Nevertheless, stripping out the US acquisition, sales were still 146 per cent higher at £42.6 million and pre-tax profits were 100 per cent healthier at £1.4 million. During the year, the group established businesses in Holland, Spain, Australia, France and Germany and at pre-tax level, this caused overseas start-up losses of £3.4 million. The 'outstanding year' in the UK businesses, where sales rocketed by 83 per cent to £31.7 million, brought in pre-tax profits of £4.8 million, resulting in the £1.4 million figure.

Turnover reached £10.9 million in Europe and Australia as Minorplanet won customers such as Shell Petroleum and Siemens Teece. Bullish directors said that the new financial year 'has started well with trading substantially above last year's levels'. Richard Slape of house broker Charles Stanley commented that 'sales were ahead of expectations and the UK business is doing very well. Its overseas businesses, excluding the US, should move into profit in the current year'. He expects pre-tax profits to reach £9 million next time around, excluding the US.

Investors made a move in early trading, sending the share price up by 21.5p to 282.5p against a 580p 52 week high and a 145p low. This puts Minorplanet on a forward p/e of 28.2p on Slape's forecast earnings of 10p in 2002.

Shares in the company were issued at 45p in late 1997.