Colt Group S.A. (London Stock Exchange: COLT) today issued results for the 12 months ended 31 December 2010.
- Solid EBITDA performance on improved revenue mix
- Significant growth in portfolio of cloud based services
- Strong new partnerships with technology leaders
- Launched ground-breaking, state-of-the-art modular data centre
- Restructuring on course to deliver €20m of net annualised savings
Key financial information:
|Twelve months to 31 December|
|Managed Services revenue||172.6||156.1||10.6%|
|Profit before tax and exceptional items2||77.1||85.0||(9.3%)|
|Free cash flow3||49.0||101.4||(51.7%)|
1 EBITDA reflects profit for the year before net finance costs, tax, depreciation, amortisation, foreign exchange and exceptional items
2 In 2010 there was an exceptional €30.1m charge and in 2009 the exceptional item was a €9.7 million credit as described in the financial review below.
3 Free cash flow is net cash generated from operating activities less net cash used to purchase non-current assets and net finance costs paid
4 Net funds reflects cash and cash equivalents plus deposits classified as current asset investments less debt
Rakesh Bhasin, Chief Executive Officer, commented:
“I am pleased to report that over the second half of 2010 we started to see improved Data and Managed Services revenue growth having entered the year with a degree of caution given the uncertainty in the broader European economy. Despite the weaker start to the year we delivered a solid EBITDA performance and importantly, we have continued to make strong progress in our drive to become Europe’s leading information delivery platform which is essentially about being an integrated computing and network services provider.”
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