Intec Telecom Systems PLC - Unaudited results for the six months ended 31 March 2005
On-target performance for enlarged business following turnaround of Singl.eView acquisition drives 55% revenue growth; Substantial new billing contracts in US and Europe bring confidence for full year.
25 May 2005: Intec Telecom Systems PLC (“Intec” or “the Company”), a global provider of enterprise-level software and services, announces its unaudited results for the six months ended 31 March 2005 (“H1 2005”). A turnaround of the Singl.eView business acquired at the end of 2004, combined with continuing good execution in the core business, has helped Intec meet revenue and profit objectives within a substantially enlarged business. A number of large contracts signed in the period, combined with good momentum in current trading, gives the Board confidence in its ability to meet full year expectations. Intec has also recently appointed a new non-executive Chairman, John Hughes, who brings extensive experience within large, high-technology businesses in the telecoms sector.
• Turnover of £48.7 million increased by 55% (Six months ended 31 March 2004 (“H1 2004”): £31.4 million).
• Operating cash inflow of £3.9 million (H1 2004: outflow of £0.3 million).
• EBITDA1 earnings of £5.6 million (H1 2004: £4.3 million) before exceptional items.
• Adjusted2 profit before tax of £3.6 million (H1 2004: £3.1 million) after continued investment in acquisitions and business development.
• Adjusted EPS of 0.99p (H1 2004: 1.15p) against much enlarged share capital base.
• Recurring revenue up 44% to £21.6 million (H1 2004: £15.0 million).
• Loss before tax of £5.7 million (H1 2004: loss of £1.0 million), after depreciation and amortisation of goodwill and intangible assets of £10.5 million (H1 2004: £5.3 million).
• Continuing balance sheet strength with cash and cash equivalent investments of £32.0 million (H1 2004: £12.8 million) following share placing associated with Singl.eView acquisition.
• Several multi-million Pound contracts signed since the start of the financial year.
• Customer installations reach 707 in 490 operators, with over 1,000 staff now involved in development and delivery of solutions to customers.
“Intec continues in its successful turnaround of the Singl.eView business with another solid set of results, a number of high-profile contract announcements, and a good pipeline for the rest of 2005. Combined with the core Intec business, this has allowed us to build a very good foundation for the rest of the year,” said Intec’s new Chairman, John Hughes. “I am also very pleased to be joining a business with a strong and stable management team, a global staff that is clearly focused on success, and a company that has a clear vision for the future.”
“The major customer wins we have announced in recent months underline the growing acceptance of both Singl.eView and the core Intec products as true market leaders,” added Chief Executive Kevin Adams. “Our pipeline of business for the rest of 2005 and beyond is very healthy, and I am particularly encouraged by the growing number of multi-product deals we are signing. Intec is now engaged in some of the most exciting new initiatives in the telecoms industry, such as IPTV and broadband mobile services. Our results for the half year, and the visibility we have looking forward, mean we are confident of meeting expectations for the full year.”
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