TelecityGroup delivers 14% revenue growth, 29% EBITDA growth, 28% adjusted earnings per share growth and an EBITDA margin increase to over 40%
Telecity Group plc (‘TelecityGroup’, ‘the Group’ or ‘the Company’), Europe’s industry-leading provider of premium network independent data centres, today announces its results for the six months ended 30 June 2010.
- Revenue up 13.9% to £93.7m (H1 2009: £82.2m), with constant currency revenue growth of 14.7%
- EBITDA(1) up 29.0% to £37.9m (H1 2009: £29.4m)
- EBITDA margin up to 40.4% (H1 2009: 35.7%)
- Adjusted(2) profit after tax up 30.4% £17.6m (H1 2009: £13.5m)
- Adjusted diluted earnings per share up 27.5% to 8.8p (H1 2009: 6.9p)
- Cash flow from operating activities up 30.6% to £42.9m (H1 2009: £32.8m)
- Additional 2.6MW of capacity announced for Stockholm
- Acquisition of further capacity in Manchester initially providing 1.4MW of customer power
- Total announced capacity up to 92MW (H1 2009: 60MW)
- New £200m, five-year senior debt facility arranged in the period
The adjusted highlights above are before the post tax effect of Other financing items (note 7) which include the cost of the refinancing referred to above. These items are not considered to be part of the underlying business of the Group. If these items are included, the following statutory equivalents to adjusted profit after tax and adjusted diluted earnings per share result:
- Profit after tax of £12.5m (H1 2009: £13.7m)
- Diluted earnings per share of 6.2p (H1 2009: 7.0p)
Michael Tobin, TelecityGroup CEO, said:
“I am very pleased with the progress that TelecityGroup has made in the first half of 2010. Yet again the Group has delivered a strong set of results with good growth in revenue, EBITDA, adjusted earnings per share and cash flow from operations.
We have continued to consolidate our leading position in Europe with capacity additions in a number of locations across Europe. We have also started work on a major expansion to our London Powergate data centre. Today I am pleased to announce additional capacity in Stockholm and the acquisition of further capacity in Manchester. Both Stockholm and Manchester are strong markets for TelecityGroup and offer excellent growth prospects.
We aim to continue delivering controlled, value creating growth across Europe. Our total announced capacity is now up to 92MW, from 60MW this time last year.
We have enjoyed significant new order wins to date in 2010, which have added to TelecityGroup’s recurring revenue base. New business demand remains robust and I am confident that TelecityGroup will deliver strong full year growth.”
(1) Earnings before interest, taxation, depreciation and amortisation
(2) Adjusted to exclude the post tax effect of Other financing items (note 7)
For further information please contact:
Matthew Springett +44 (0)20 7005 6337
James Tyler +44 (0)20 7001 0076
Brunswick: Sarah West/James Olley +44 (0)20 7404 5959
Notes to Editors
Telecity Group plc
TelecityGroup is Europe’s industry-leading provider of premium network independent data centres offering a range of flexible, scalable data centre and managed services. TelecityGroup specialises in the design, build, and management of highly connected and secure environments in which customers can house their technical, web and internet infrastructure. Each of its data centres acts as a connectivity and content hub facilitating the storage, sharing and distribution of data, content and media. Headquartered in London, TelecityGroup operates 24 network-independent data centres across seven European countries. The data centres are located in prime positions for commerce and connectivity including London, Amsterdam, Frankfurt, Paris, Stockholm, Manchester, Milan and Dublin.
Cautionary note regarding forward-looking statements
This announcement includes statements that are forward-looking in nature. All statements other than statements of historical facts could be deemed to be forward looking statements. By their nature, these forward looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. Accordingly, the actual results, performance or achievements of the Company may be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Except as required by the Listing Rules and applicable law, Telecity Group plc undertakes no obligation to update or change any forward-looking statements to reflect events occurring after the date such statements are published.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The Company's shares have not been registered in any U.S. jurisdiction, and, in particular, will not be registered under the U.S. Securities Act of 1933, as amended or any applicable state securities laws.