Our interim results reflect Intec’s continuing strong fundamentals in a market that has been exceptionally volatile in recent months, said Mike Frayne, Executive Chairman of Intec. In a competitive telecoms market, our ability to deliver a real return on investment to customers is compelling. The Board therefore believes that we are well positioned to meet increasing market demand and to succeed against our business objectives.
Excellent progress has been made with the integration of our US acquisitions, which have greatly broadened our product portfolio. Our new mediation products, combined with ongoing investment in business development, substantially increase our capability to address next-generation network opportunities, added Chief Executive Kevin Adams. 22 new contract wins, across all markets and products, also underline the fundamental strength of the business.
Highlights
Half year turnover increases 89% to £14.4 million (H1 2000: £7.6 million) including strong contributions of £5.9 million from US acquisitions
Quarterly sequential EBITDA improves from a loss of £1.4 million in Q1 to £1.3 million profit for the three months to 31 March (Q2)
Continued strength of pipeline development and ongoing demand for solutions
Continued investment in business expansion and product development to meet market demand and ‘next-generation’ technology requirements
22 new contract wins, including customers in US, Italy, Taiwan, Spain, Switzerland, Jamaica, Germany and UK
Recurring revenues up by 159% over the corresponding period from substantially increased customer base
Integration of Computer Generation, CHA Systems and i2i acquisitions ahead of schedule
Debtor days substantially reduced by good cash collection in Q2
Intec in strong cash position (£23.6 million in cash and cash investments as 31 March 2001)
