Cybit - partner of choice for forward thinking companies

LP, the main purpose of the fundraising 2 years ago was to fund the move from factoring to "own book". They were already factoring their debt before the accounting change.

My view is that following the fundraising, 2004 proved to be a disappointing year for the whole of the telematics sector, with much less growth than expected and CYH had to re-think their strategy. As a result, we have seen a mixture of old style and new style contracts for the past 2 years.

However, there will be an increasing contribution year by year from the new style contracts and as you say, the impact of factoring will reduce in time.