Peek sees signs of growth

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The Independent Online
TURNOVER at Peek, the traffic systems group, rose 13 per cent in 1993 to exceed pounds 100m for the first time, despite difficult conditions in several of its markets. Operating profits rose 8.6 per cent to pounds 7.7m, writes Diane Coyle.

The traffic businesses, accounting for 70 per cent of sales, did well in the Netherlands and Scandinavia, where Peek won several new orders.

The company said the strengthening of the US economy in the last quarter should mean an improved performance there in 1994.

Peek's field data businesses had a mixed year. During the last few months of 1993, the earlier reluctance of customers to commit themselves to big new orders was reversed. The company's Husky subsidiary has recently won contracts for its mobile computers from BT and the Dutch post office.

Peek has forecast that Asia will be a growth market. It has acquired a new pounds 5m contract to install a traffic control system in Bangkok.

Ken Maud, chairman, said Peek's high-profile road pricing systems will start field tests this year in several countries, including the UK, but will not generate profits for another few years.

The dividend was unchanged. Peek shares closed 1p higher at 92p.

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