Commenting on the results, Alastair Mills, Chief Executive Officer of SpiriTel, said, “The first half year results show strong revenue and profit growth in our Business Division but also illustrate a further erosion of wholesale services, a change which has impacted Group results. A combination of organic and acquisitive growth leaves the Group currently performing significantly ahead of reported figures for the first half of the year. Based on trading in the quarter to the end of January, including post 31 October 2009 acquisitions, our annualised revenue will exceed £23m, with underlying annualised EBITDA of over £2.3m. On a standalone basis, our Business Division is now delivering an annualised underlying EBITDA* run rate in excess of £3.5m.
This level of trading, despite an incredibly challenging economic backdrop, is a fantastic achievement for the SpiriTel team and leaves the Group in its strongest ever position. Our levels of contracted revenues have continued to grow, our acquisition pipeline remains strong and we are confident of delivering continued organic growth in the second half. The Board is confident that we will be able to report further progress for the full year.”