Key points in the results include:
* Q1 revenues up 28% to £8.0 million from Q4 2000 (up 452% from Q1 2000)
* 26,000 square feet sold during Q1, majority in continental European sites
* Amsterdam 2 has now become the sixth site to be EBITDA positive
* Announced strategic partnerships with RateXchange and Managed Storage International
* New value added services to be launched in June
* Difficult market conditions caused by reduction in customers’ roll-out programmes
* Realignment of Board responsibilities
* Sales and marketing team continues to be strengthened
* Emphasis on selling current available space in London 2, Amsterdam 2, Frankfurt and Paris whilst delaying fit-outs in other locations
Commenting on the results, Michael Hepher, Chairman, said:
We remain very confident about the long term need for infrastructure to support the inevitable expansion in Internet traffic and consequently the prospects for TeleCity. Current market conditions require a determined and measured response to position the Company to take advantage of any growth in demand.
