Anittel FY11 loss climbs to $19.9m

Anittel (ASX:AYG) has reported a $19.9 million net loss for FY11, after taking goodwill impairment charges to the tune of $16.1 million

IT and telecom service provider Anittel (ASX:AYG) said its FY11 loss soared to $19.9 million, from just $1.4 million in FY10.

The bottom line result was impacted by goodwill impairment charges totalling $16.1 million.

Anittel's ebitda loss of $1.9 million and revenue of $59.6 million was in line with unaudited estimates from earlier this month, but well behind forecasts made earlier in the year.

But the revenue figure still represents 177 per cent growth from the $21.5 million recorded during FY10.

Announcing its final results, Anittel said the board had decided to consolidate and refocus its operations over the next six to nine months.

The company will concentrate on expanding its telecom operations into regional Australia and the SMB sector, and developing additional integrated ICT offerings including cloud-based products.

Anittel said it sees the opportunity to add 30 sites in regional areas to its current list of 16 operating locations.

As a result of the restructuring efforts, the company forecasts only marginal revenue growth for the year, but a swing to a positive ebitda.

AYG shares stayed flat on Wednesday at $0.006.

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