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THUS Results Boosted By Broadband

Posted: 06th May, 2003 By: MarkJ
THUS Telecom has today released its preliminary financial results for the year ended 31st March 2003. The outcome appears to have been positive and the operator attributes some of this to its broadband ADSL success.

We've cut most of the boring bits out and just left in the summary and Internet overview:

PRELIMINARY RESULTS YEAR ENDED 31 MARCH 2003

ON TRACK FOR FURTHER GROWTH


HIGHLIGHTS

Sustained growth and margin expansion

- Statutory turnover up 9% to £291.2 million, with like for like turnover up 12%1
- Gross profit up 30% to £64.2 million, with gross margin up from 18% to 22%
- EBITDA2 £27.1 million (2002: £3.13 million), with EBITDA margin at 9% (2002: 1%)
- Loss before tax reduced 44% to £58.8 million
- Capital expenditure £44.9 million, down to 15% of turnover (2002: 29%)

Financially strong

- Net cash flow from continuing operating activities £26.1 million (2002: £(1.6) million)
- Cash outflow before financing costs4 £28.3 million (2002: £(67.0) million)
- Cash £12.1 million. Net debt £32.7 million. Gearing 11%. Fully funded.

Internet

During the year, the market polarised on the development of broadband services helping to increase Internet turnover by 10% to £90.3 million. Broadband customers grew five-fold to 25,000 attracted by the wide range of service options on offer, improved pricing and targeted marketing promotions to business customers under the Demon brand. By leveraging our in-house development expertise and extensive network, we introduced a unique differentiated product set to our business market. Specifically, THUS customers can now elect for a broadband service either dedicated for their exclusive use or shared with a maximum of 5 users compared to the standard 20 and 50 user options. This product extension becomes more important as increasing use of standard services leads to congestion.

Our UK broadband success was replicated in Demon Netherlands, which grew its ADSL customer base more than three-fold to 7,800. While THUS remains focused on the UK, the cash flow positive Netherlands operation at 3% of turnover remains a successful and core adjunct to existing activities.

Turnover from broadband and related services grew to the same level as that generated by traditional narrowband access and termination, an important transition point for the business.
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