Last checked at 29 Mar 2010 14:30
29 March 2010
Pinnacle Telecom Group plc ("the Company")
Result of Annual General Meeting
Trading Update
At the General Meeting of the Company held today, all resolutions were duly passed. In accordance with the announcement made by the Company on 18 February 2010, William Allan has now been appointed as Non-Executive Chairman of Pinnacle.
Following completion of the AGM, the CEO, Alan J Bonner, issued a trading update as follows:
"We have continued to make good progress since our 30 September 2009 year end results, which were issued on 18 February 2010, and we are very pleased to report that our unaudited management accounts for the five months to 28 February 2010 continue to show profits (measured as the consolidated profit before interest and taxation, but before IFRS adjustments and the share of results of associated companies). Including the month of September last year when profitability was reached for the first time, we have now seen a full six months of profits, helped by the high level of recurring revenues that we now have in the group.
At 30 September 2009, we reported that recurring revenues represented 88% of our turnover, and I am delighted to report that this continues to be the case.
EBITDA (earnings before interest, taxation, depreciation and amortisation) is also positive over the same six-month period to 28 February 2010, again measured before IFRS adjustments and the share of results of associated companies.
The integration of Solwise Telephony Limited and its wholly owned subsidiary Sipswitch Limited acquired on 12 January 2010 is now complete and is yielding immediate and positive benefits to the group following the integration process.
In line with the Sipswitch development plan, the beta testing phase of our Sipswitch platform on a VoIP soft phone is now complete and working seamlessly.
The soft phone provides all the features of our Sipswitch VoIP service, without the need for desk phones. Instead, the functionality of a feature-rich desk phone is provided through software, which is installed on a computer, PDA, laptop and some mobile phones, including the iPhone.
The soft phone has all the functionality and features of a conventional telephone system, including speed dialling, multi-lines, caller-on-hold, music-on-hold, call conferencing, call forwarding, call transfer, do not disturb and call recording. The call history feature automatically maintains a record of calls dialled, missed and received, including called number, call time and date, and allows the user to return the called number with one click of the mouse, straight from the call log, or store them in the address book provided.
A main feature and benefit of the soft phone is that it allows the user to stay connected to the office, using the user's office extension number, from anywhere in the world whilst the soft phone is connected to the Internet.
We look forward to future developments of Sipswitch. The next phase will provide the functionality to allow Pinnacle customers' to make calls from any UK mobile phone via Sipswitch, over any UK mobile network to any destination in the world, but importantly, the calls will be charged at UK landline to international call rates, not UK mobile to international call rates, which will represent considerable savings for UK businesses and an emerging and profitable revenue stream for the group.
As already outlined to shareholders, our continuing strategy is to seek out well-priced and timely acquisitions of telecommunications resellers and dealers which are capable of adding value to the group, with emphasis in the deployment of next generation Internet Protocol ("IP") based technologies. Our search in this area remains active and is ongoing."
For further information please visit http://www.pinnacletelecomgroup.co.uk or contact:
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Pinnacle Telecom Group plc |
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| Alan J Bonner, Chief Executive | Tel: 0845 119 2100 |
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| Zeus Capital |
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| Ross Andrews | Tel: 0161 831 1512 |
| Bobby Fletcher |
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Notes to Editors
Pinnacle Telecom Group plc is a provider of integrated telecommunications, IT, Mobile and IP solutions serving the SME market. Operating across the UK, the group provides a wide range of services to its clients, including telecommunications calls and access, broadband, VoIP, mobile, IT integration and hosted services.