RE: Pinnacle Telecoms20 Feb 2012 07:05
[PINN]
preliminary results for the year ended 30 September 2011.
HIGHLIGHTS
Financial benchmarks
· 110% increase in operating profit (2) to £165,299 (2010: £78,647).
· 67% increase in positive EBITDA (1) to £249,880 (2010: £149,379).
· 18% increase in gross profit to £2,464,529 (2010: £2,089,457) a rise of £375,072.
· 60% decrease in the loss for the year (3), falling to £98,305 (2010: £246,072).
· 29% increase in turnover of £1,913,546 to £8,522,079 (2010: £6,608,533).
· 740% combined turnover growth since 2007.
· 84% of turnover now relates to recurring and contracted revenues (2010: 81%).
Acquisitions
· Acquired the Business and Assets of an IP CCTV business, delivering combined resilient and "always on" 3G and IP connectivity, for high-profile CCTV monitoring to companies such as Sotheby's, Unipart and Hilton Hotels.
· Acquired the Business and Assets of MacLellan IT Limited, a well established profitable IT company for 186,046,491 shares at a premium of 58% per share, equivalent to £669,767. MacLellan are delivering increased IT consultancy and support revenues in Scotland.
Balance sheet highlights
· Positive cash at the year-end of £452,431 (2010: £697,189).
· Maiden positive operating cash flows from operating activities of £25,752 compared to negative £154,377 in 2010.
· Added £647,791 of intangible assets, following on from the addition of £205,567 in 2010, which helps strengthen the group's IT asset base.
· 52% increase in group net assets to £1,813,140 (2010: £1,319,743), an increase of £493,397.