Communications service provider SpiriTel has published its interim six months results to the end of October 2008 showing turnover up 62% to £11.1 million (2007: £6.8 million) and gross profit up 64% to £4.2 million (2007: £2.5 million).
The statement noted that two earnings enhancing acquisitions were integrated, expanding product set and customer numbers – WN1, a mobile reseller (acquired April 2008), and ED Communications, a network services provider (acquired August 2008)
Other highlights include:
– Customer base increased to 2,200 business customers (2007: 920)
– Organic sales growth of 30% excluding acquisitions
– Cross sales contracts of £1.4m won during the period
– Three year managed services contract awarded by Young and Co.’s Brewery
Significant progress in development of converged mobile products, mobile applications and hosted VoIP and WiFi services
– Awards won during the period include Converged Solution of the Year (National Comms Business Awards); VoIP Solution of the Year (Federations of Communication Service Providers Awards); Best Newcomer (International Directories Awards) for the 118 918 service managed on behalf of Virgin Mobile.
Commenting on the results, Alastair Mills, Chief Executive Officer of SpiriTel, said:
“I am pleased to announce a strong set of results for the Group. The progress that we have made operationally and financially demonstrates a successful execution of the Group’s stated strategy of acquiring and rapidly integrating complementary businesses and driving organic growth from the cross-selling opportunities that are presented by a growing customer base. We have now delivered four consecutive periods of growth in underlying EBITDA”