Spiritel PLC - Final Results1 Oct 2009 08:50
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2009
SpiriTel plc (AIM: STP), the business communications group, is pleased to announce preliminary results for the year ended 30 April 2009.
Commenting on the results, Chairman, Lord St. John of Bletso said: "I am pleased to report on a further year of growth and development for SpiriTel plc. The Company has made significant progress despite an increasingly tough operating environment which has seen several competitors fall by the wayside. As a fully integrated business communications provider delivering fixed, mobile, data and networking services to a substantial customer base the Group is very well placed to progress its chosen strategy of 'acquire, integrate, grow' to deliver increased shareholder value."
Highlights:
- Underlying EBITDA* 61% ahead of prior year at £1.5 million (2008: £0.9 million)
- Revenue up 18% to £19.7 million (2008: £16.7 million)
- Gross profit up 19% to £7.6 million (2008: £6.4 million)
- Pre tax loss £1.7 million (2008: £4.0 million), after non-cash finance costs** of £0.8 million (2008: £3.1 million)
- Post year end new 5 year debt and overdraft facility of £4.5m agreed with Clydesdale Bank
- Earnings enhancing acquisition of ED Communications completed
- Cross selling contracts signed worth £7 million over their term
- Customer base increased to 2,337 at year end (2008: 1,525)
- Post year