RNS Number:3019T
Minorplanet Systems PLC
16 December 2003


Tuesday 16.12.03


              MINORPLANET SYSTEMS PLC ANNUAL GENERAL MEETING STATEMENT
                          TUESDAY 16TH DECEMBER, 2003

VMI unit sales for the first quarter, which ended on 30 November 2003, in the
UK, Ireland, Europe and Australasia were 8% ahead of the last quarter. However,
the UK business is undergoing significant change, and whilst our reorganisation
process is progressing well, this has, as anticipated, had some impact upon
first quarter sales. We now have fully operational offices in Bristol and
Glasgow, as well as in Leeds and early sales from the new regional offices are
ahead of target. In Spain and France, franchise sales were below expectations.
With regard to the latter, discussions are taking place with a potential new
partner who wishes to invest in the business and would also help us to further
develop the product for specialist markets.

By the end of the year, we expect to reduce gross overheads in total by at least
#6 million on an annualised basis and have already achieved annualised savings
of over #4 million to date.

Net debt at 30 November 2003 was #21.8m compared with #20.0m on 31 August 2003.
A number of factors have influenced this:

* lower volume of franchise sales as above;
* the #0.6m paid into court in respect of the supplier dispute which was
referred to in the circular to shareholders dated 19 September 2003. This amount
was provided for at the year end but has now been paid over in cash;
* the anticipated funds from lease portfolio sales to CIT in Australia of
approximately #0.8m have not yet been received. The first part of this payment
is expected to be received in the second quarter.

As previously announced by IBM and its partner company, Safety Intelligence
Systems Inc., we are already working with these companies to enable our software
to operate in a web hosted environment via a trusted data repository, which will
make our software fully scalable for larger companies and enable us to make
further cost efficiencies within our business and also further savings for our
customers.

The Directors believe that in order to fund the remaining cost reduction
programme and the ongoing working capital needs of the continuing business, as
well as to fund the opportunities available to us, including web hosting, the
Company will need to raise additional finance. The Directors are currently
undertaking a review to establish the level of the new funding required and the
proportion of the funding which will be needed to be provided by new equity. GE
and other significant shareholders have indicated that they would in principle
be supportive of an issue. Further details regarding these requirements will be
announced in the near future.

                                            -Ends-

For further information, please contact:

Minorplanet Systems plc                                Tel: 020 7379 5151
Rob Kelly

The Maitland Consultancy                               Tel: 020 7379 5151
Michelle Jeffery


NOTES TO EDITORS

Minorplanet Systems Plc is the undisputed market leader of telematics and the
pioneer of Vehicle Management Information (VMI). Minorplanet has over 8,000
customers world-wide. For more information please visit www.minorplanet.com




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