The Phone Co-op has reached a turnover milestone having exceeded £10m in its last financial year. The organisation reports 8.8% increase in sales, resulting in a record turnover of £10.08m, as well as improved profitability. Profit before distributions was up 33% to £111,000. Most notably, earnings before interest, taxation, depreciation and amortisation (EBITDA), a measure of cash generated from trading, was up 161% to £186,000.
Chief executive Vivian Woodell commented: “These encouraging results were achieved despite the impact of a worsening economic climate, rising costs and accelerating falls in the prices of some key products.
“During the course of the year under review we addressed a number of operational challenges, including welcoming on board 8,000 SAGA telecoms customers and the implementation of our new billing and customer management system.
“These and other measures enabled us to improve our operational efficiency during the year, and this brought real rewards which helped us weather the difficult environment. Our aim is to continue to improve the efficiency of our business.”
Woodell also outlined plans to pursue new acquisitions and drive economies of scale, as well as evolve the product set.
He added: “For example, we are actively exploring opportunities in microgeneration as part of our strategy to diversify our business into growing, profitable areas where we can increase sales to our existing customers and members, and also attract new customers.”