Spiritel Announce Six Month Results

Business communications service provider Spiritel plc has today announced interim results for the six months to 31 October 2007.

Highlights:

– Turnover £6.84 million (2006: £6.83 million)

– Gross profit up 283% to £2.54 million (2006: £0.66m)

– Gross margin increased to 37.1% (2006: 9.7%)

Commenting on the results, Alastair Mills, Chief Executive, said: “I am delighted to report an excellent set of results which demonstrate the transformation of Spiritel’s operational and financial performance since our restructure in 2006. The progress in enhancing earnings visibility and restoring profitability has accelerated during the past six months as Spiritel’s management team is successfully executing its growth strategy.

“At the time of writing, the Company is trading ahead of management’s expectations, building on a strong first half, which delivered operating profit at an underlying level*. Significant improvements in gross profit and margin for the period under review demonstrate the value in the change of product mix and routes to market which have also dramatically increased earnings visibility.”

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