Vanco plc, the global virtual network operator today announces its preliminary results for the year ended 31 January 2003.
Turnover amounted to 81.1 million Euro, which represents an increase of 43.0% over the previous year further proving that the Vanco model is the most appropriate strategy for delivering global data network solutions.
Contracted revenues increased 93.3% over the previous year to 202.0 million Euro representing continued success in attracting large multi-national corporate customers. Operating profits were 1.7 million Euro, which is in line with expectations reflecting the companies planned expansion in global network service operations. There was also a strong return to profitability in the second half of the financial year.
Summary financial results 2003:
- Turnover up 43.0% to 81.1 million Euro (2003 - £53.0 million; 2002 - £37.1 million)
- Operating profit of 1.7 million Euro in line with expectations (2003 - £1.1 million; 2002 - £3.1 million)
- H2 profit 4.0 million Euro (£2.6 million)
- Contracted revenue up 93.3% to 202.0 million Euro (2003 - £132.0 million; 2002 - £68.3 million)
- Cash balance of 8.6 million Euro (2003 - £5.6 million; 2002 - £5.8 million)
- Net debt of 12.7 million Euro (2003 - £8.3 million; 2002 - £2.0 million)
- Gross margin of 35.2% on continuing operations (2002 – 35.4%)
- Customers in 65 countries globally (2002 – 39 countries)
Commenting on the results, Vanco CEO, Allen Timpany said: "At the time of our flotation we set out very specific plans for the development of our business and international operations. I am delighted to report that these plans are on track and already delivering results. We believe that it demonstrates that Vanco’s approach to delivering the network solutions needed by multinational clients is the right one in a mature deregulated telecoms market. This approach has resulted in us continuing to attract large domestic and international corporate customers at the expense of our infrastructure based competitors."
Simon Hargreaves, Finance Director, Vanco: "I am pleased to report that Vanco has made excellent progress in its first full year on the Official List of the London Stock Exchange. We have exceeded market expectations in both profit and turnover and continued our 15 year record of uninterrupted growth in revenue whilst continuing to make a profit."
Full a copy of the full preliminary report please go to: http://www.vanco.co.uk or contact Viviane Brokerhof at LEWIS.