Anittel reports half year revenue of 31.4m

Company turnaround is on track after $19.9 million loss in 2011

IT and telecom service provider, Anittel Group (ASX: AYG), has reported a $31.4 million revenue for the half year ended 31 December 2011, a turnaround that seems to be on track after the company experienced a $19.9 million net loss for FY11.

Its loss from ordinary activities after tax was down 93.8 per cent to $841,000 while earnings before interest, tax depreciation and amortisation (EBITDA) climbed to $152,000, the company’s first positive EBITDA result after a loss of $938,000 in 31 December 2010.

Anittel also reported a 10 per cent growth in recurring revenue to $9.7 million while its total cash in the bank was $3.6 million, an increase of $1 million from 30 June 2011.

Operating costs were $11.3 million, down from $12.5 million in the previous period.

Anittel managing director, Peter Kazacos, said in an announcement to the ASX that other elements achieved over the six months to 31 December included settling in of a new board and executive management team, progress around consolidation of systems and continued improvement in customer satisfaction ratings.

“In the full year results for 2011, we expected a small growth in revenue in full year 2012 and a positive EBITDA outcome. In terms of revenue, this expectation remains,” he said.

“At an EBITDA level, the company expects to achieve a result in excess of $500,000.”

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