Turnover increases 19% to £47.5 million, EBITDA up 9% to £3.7 million,
despite telecom sector conditions
(Full release at www.intec-telecom-systems.com)
Intec Telecom Systems PLC (LSE:ITL, “Intec” or “the Company”), a leading global provider of Operations Support Systems software for telecoms companies, today announces its audited results for the year ended 30 September 2002. The Company is pleased to report turnover growth of almost 20%, despite very competitive market conditions and increased EBITDA profitability ahead of market consensus.
FINANCIAL AND OPERATING HIGHLIGHTS
· Revenues for the year ended 30 September 2002 increased by 19% to £47.5 million (year ended 30 September 2001: £39.8 million).
· Earnings before interest, tax, depreciation, and amortisation and exceptional items (“EBITDA”) increased 9% to £3.7m (year ended 30 September 2001: £3.4m).
· Positive operating cash inflow of £2.8 million generated during the year (2001: outflow of £3.7 million).
· Operating loss of £13.3 million attributable to goodwill impairment and writedown of £14.5 million.
· Customer base increased by 49% to 383 contracted installations, with important new customer wins in the UK, US, Europe, Latin America, Asia and Eastern Europe.
· Successful conclusion to two year BT patent litigation against Intec, with no IPR payments or product impacts, and ongoing freedom from further action.
· Two competitor acquisitions concluded during and after the year end.
· Several new products introduced to complement core billing and mediation families.
Commenting on the results, Mike Frayne, Executive Chairman said “At the start of the year we predicted, despite the uncertainties we saw in this market, that turnover growth in the region of 20% was obtainable. I am therefore very pleased to report that we have increased revenues by just over 19%. In 2003 we intend to continue executing a business strategy that has proved successful in 2002. I am confident that Intec is better placed than ever to achieve further growth.”
Kevin Adams, Chief Executive, added, “In 2002 Intec has won greater market share in its core business areas. Our customer base has grown strongly in 2002 and we see ongoing demand for our products and services. The challenges of the current market have made us a more efficient, more competitive organisation, with higher product quality, and our ongoing investment in many areas means we are well placed to thrive. I am cautiously optimistic that 2003 will be, like 2002, another year of progress for Intec.”
Intec Telecom Systems PLC,
Andrew Rodaway, +44 (0) 7768 808082 / +44 (0) 1483 745800,
Cubitt Consulting, +44 (0) 20 7367 5100,
Fergus Wylie, email@example.com
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