Intec Telecom Interim Results for the Six Month Period Ended 31 March 2008
Intec Telecom Systems PLC released its unaudited interim results for the six months ended 31 March 2008.
Operational Highlights:
*** Significant contract wins – record contract size with Antel;
*** Appointment of CEO and strengthening of management team;
*** Continued growth and investment in emerging markets; and
*** Business review completed, execution underway.
Financial Highlights:
*** Revenue from continuing operations down 7% to £57.2 million (H1 2007: £61.3 million) (as of today, USD $113.1 million and H1 2007 USD $121.2 million);
*** Operational improvements ongoing - operating expenses 1 down 6% to £23.1 million (as of today, USD $45.7 million);
*** Reported profit before tax of £2.2 million (H1 2007: loss of £7.7 million2) (as of today, USD $4.4 million and H1 2007 USD $15.2 million);
*** Adjusted profit before tax3 of £1.8 million (H1 2007:£3.9 million) (as of today, USD $3.6 million and H1 2007 USD $7.7 million);
*** Basic and adjusted earnings per share of 0.48p (H1 2007: Basic loss per share of 2.86p2; adjusted earnings per share of 0.73p before goodwill impairment and exceptionals); and
*** Net cash up 9% to £24.6 million (as of today, USD $48.6 million) after employee incentive plan payments of £4 million (as of today, USD $7.9 million) (September 2007: £22.6 million, March 2007: £19.6 million) (as of today, September 2007: USD $44.7 million, March 2007: USD $38.7 million).
Commenting on today’s results, Andrew Taylor, CEO, said, “I am pleased to report my first set of financial results for Intec following my arrival as Chief Executive Officer in January 2008.
“After a thorough business review during my first three months in the post, one thing is clear; Intec is a company with significant market position, a high level of customer relevancy, and enormous potential. I feel privileged to take responsibility for ensuring that Intec fulfills this promise, of which I believe it is fully capable.”
John Hughes, Non Executive Chairman, said, “During the first half we enjoyed good growth in emerging markets but performance was impacted by the expected reduction in the managed services business and delays in the closure of contracts in both CALA and North America.
“However, a number of these deals have either closed or are at the latter stages of closure and we have a clear line of sight to achieve our objectives for the full year. We continue to look forward with cautious optimism.”
On 8 May 2008, Intec announced that it had received a very preliminary approach in relation to a potential offer for the Company. In accordance with Intec’s regulatory obligations, shareholders will be updated further in due course.
A presentation to analysts was held at 9.30am at the offices of College Hill, The Registry, Royal Mint Court, London EC3N 4QN. The entire presentation will be available on the website: http://www.intecbilling.com
About Intec Telecom Systems PLC
Intec supplies billing software solutions to over 70 of the world’s top 100 telecoms carriers and is one of the world’s leading BSS/OSS (business and operations support systems) vendors. Intec’s customers include AT&T, Cable & Wireless, The Carphone Warehouse, China Mobile, Deutsche Telekom, Eircom, France Telecom, Hutchison 3G, Orange, T-Mobile, Telefonica, Telstra, Vodafone, Virgin Mobile, Vivo and Verizon.
Intec has a comprehensive and expanding range of solutions and services ranging from market leading mediation and convergent billing products through to innovative IMS charging solutions. Intec works closely with its customers, many of whom have been with Intec since its inception, to provide the highest standards of performance, flexibility and robustness to help carriers service their customers effectively and profitably.
Founded in 1997, Intec is listed on the London Stock Exchange (ITL.L) and has over 1,700 staff and 34 offices in 26 countries.
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