LONDON (Thomson Financial) - Eagle Eye Telematics Plc. posted a wider full-year pretax profit on higher costs and said it expects continued progress in the development of the commercial motor insurance and vehicle leasing sectors over the next 12 months.

For the year ended Nov. 30, 2007, the company posted a pretax loss of 1.29 million pounds against a loss of 869,000 pounds the previous year. Turnover rose to 1.29 million pounds from 1.06 million.

Since the year end, the group has renegotiated the terms of its 2.4 million pound loan, previously repayable in full on July 31. Eagle Eye said the new loan is repayable June 30, 2009.

It also said that in order to strengthen the group balance sheet, the board is currently in negotiations to convert into equity a substantial part of loans from certain directors and significant shareholders.

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