* Adjusted profit before tax up 150% to £5.4 million on turnover increased 7% to £50.7 million; substantial growth in customer base to over 550 installations.
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 2003. The Company is pleased to report a substantial rise in profitability, increased revenues, and a customer base that now exceeds 550 installations. During 2003 Intec has also made two important acquisitions and brought several key new products to market to address the requirements of future telecoms services.
FINANCIAL AND OPERATING HIGHLIGHTS
· Revenues for the year ended 30 September 2003 increased by 7% to £50.7 million (year ended 30 September 2002: £47.5 million).
· Adjusted profit before tax substantially increased to £5.4 million (2002: £2.2m).
· Positive operating cash inflow of £8.5 million generated during the year (2002: inflow of £2.8 million).
· Operating loss of £1.9 million attributable to goodwill and intangible amortisation of £7.2 million.
· Loss before tax £1.8 million (2002: £13.5 million)
· Customer base increased by 44% to 551 contracted installations, with important new customer wins in the UK, US, Europe, Latin America, Asia and Eastern Europe.
· Two acquisitions, Digiquant A/S, and a unit of Ericsson, concluded during the year.
· Operating cost reductions, combined with gross margin improvement to 70% (2002: 67%), enhance earnings and cashflow.
· Cash and cash equivalents stand at £15.3 million
· Several new products introduced to complement core billing and mediation families.
Commenting on the results, Mike Frayne, Executive Chairman said “Intec’s strategy in 2003 has been to focus on the best possible operation of our current business combined with careful investment in new products that will meet future needs. We also continued to execute a considered strategy for acquisitions. I am pleased to report that, despite a telecoms environment that has been economically constrained, Intec has grown both revenues and earnings as well as increasing investment in new, forward-looking products. Although we see continued competitive conditions in 2004 I am cautiously optimistic that Intec can move further ahead in all areas of performance.”
Kevin Adams, Chief Executive, added, “Intec has set the pace in its core OSS markets in 2003, with a steady flow of high-profile customer wins, key acquisitions and forward-looking product releases. Passing the 500 installation mark is a watershed achievement that underlines the success of our policy of high-quality, profitable growth. We have also had good momentum in new customer wins with over 100 new or acquired customers.”
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