StockMarketWire.com - TG21 announced record sales from Public Transport Monitoring Systems, up 54% to £7.7m in 2008.

Total sales were down at £12.2m from £15.5m following disposal of the group's legacy distribution businesses at the end of 2007.

Operating profit from continuing operations was £0.6m, versus £1.4m in 2007, ahead of expectations for the year. Net debt was reduced to nil at the year end from £0.6m.

Chairman Peter Ward said, 'During the year we successfully launched innovative new products to the public transport sector and whilst we had anticipated that the 2008 result, before exceptional items, would be closer to break-even, we are delighted to report better than expected results.

'In the final part of the year we achieved record sales within our Public Transport Monitoring Systems division, which benefited from the first revenue generated by our new EcoManager system.

'The group has historically been highly geared but, for the first time in over 10 years, we have achieved a net credit position with the bank and coupled with results in the first quarter of the year currently exceeding our expectations we are looking forward to 2009 with a position of strength and optimism.'