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THUS Publishes Preliminary Results

Posted: 29th Mar, 2004 By: MarkJ
Owner of UK ISP Demon Internet, THUS Group, has today issued a pre-close trading update for the year ending 31st March 2004. Sadly we’ll have to wait until May before finding out how big a part broadband has played:

Pre-Close Period Trading Update for year ending 31 March 2004

Acceleration in turnover growth and positive free cash flow sustained for H2

The following is an update of the trading position of THUS Group plc ahead of the Preliminary Results for the year ending 31 March 2004, which are scheduled to be announced on 4 May 2004.

Following a strong second half performance, THUS is on track to meet expectations for full year turnover and EBITDA growth and the Board is confident that the business is on a steady trajectory to deliver positive operating profit in the second half of the next financial year, ending 31 March 2005.

Specific highlights for the year are expected to include:

* Double-digit turnover growth compared to 2003 and an acceleration from the 10% increase seen in the first half

* Strong increase in EBITDA with year on year EBITDA margin expansion

* EBITDA less capital expenditure positive for the whole year

* Operating loss reduced by over 50%

* Free cash flow positive1 for the entire second half - three months ahead of original expectations

Commenting on today's trading update William Allan, Chief Executive, said:

"We continue to focus on delivering profitable growth through recurring revenue and sustainable contracts. During the last six months we have been encouraged by the strong growth in many of our individual service lines. We have won a number of major new contracts, such as Virgin, Southern Water and Tele2, and expanded a number of existing customer relationships, including Amserve. These contracts have made a positive contribution to our second half performance and accelerated our revenue growth. In addition, our recent announcement regarding winning preferred bidder status from Glasgow City Council, coupled to our run rate activity from existing customers, gives us increased confidence for next year.

Our delivery of sustained positive free cash flow for a second consecutive quarter is an important milestone for our company, and reinforces our trajectory for operating profit in the second half of the next financial year.
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