Results31 Jul 2008 09:19
Highlights:
* Underlying EBITDA* 15% ahead of market expectations at £938,000 (2007: loss of
£861,000)
* Revenue up 20% to £16.7 million (2007: £13.9 million)
* Gross profit up 220% to £6.42 million (2007: £2.0 million)
* Pre tax loss £4.0 million (2007: £3.1 million), after non-cash finance costs** of
£3.1m (2007: £0.6m)
* New 5 year debt and overdraft facility of £2.7m from Clydesdale Bank
* Cash inflow from operating activities of £0.9m (2007: £1.2m outflow)
* Two earnings enhancing acquisitions completed: tdotcom and WN1
* UK's largest hosted VoIP and WiFi contract with Regent Inns
* Completion of two year business restructure and rationalisation
* Post year end balance sheet restructure - partial conversion of Penta debt to
ordinary shares and waiver of more than £800,000
annual interest costs
* Post year end SpiriTel receives industry recognition with two national awards for
the converged solution pioneered for Regent
Inns
* Operating profit after adding back charges for depreciation, amortisation, share-based
payments and exceptional costs
** Non-cash finance costs comprise redemption premiums on the Penta debt and preference
shares granted alongside the conversion rights
less interest waived plus IFRS charges.
Chief Executive, Alastair Mills added: "This has been