Cabletalk Group Shows Surplus For Maiden Half Year
Gross Margins Ahead Of Budget
Auckland, 12 December 2001 – Cabletalk Group Limited (NZSE CTG) today announced its inaugural half-year operating result achieving EBITDA of $1.125 million for the six months to 30 September 2001 that exceeded internal budget forecasts. The result is based on revenue of $22.8 million.
After non-recurring integration costs ($412,000) the Company recorded a net profit before tax and amortisation of $511,000.
Since Cabletalk Group acquired Cabletalk Astute Network Services Ltd (CANS) in August and listed on the main board of the New Zealand Stock Exchange it has focussed its core business on telecommunications network design, build and servicing for which demand has remained strong.
Mr Peter Wilson, Managing Director for Cabletalk Group, stated “We are satisfied with the result which incorporates a lot of one-off costs associated with the capital raising, and implementing new systems that were an inherent part of Cabletalk Group’s beginnings as a new capital markets company.”
“We are confident that the company now has reached a level of activity which will allow it to achieve its full year forecast revenue of $46 million,” says Wilson.
In addition Mr Wilson says that Cabletalk Group has recently won a contract for the design, build and installation of telecommunications networks in the Pacific Island nation of Tuvalu.
“The Tuvalu contract is a significant boost for Cabletalk Group as it is the company’s first offshore project, and was not included when we made our original forecasts. It will also provide Cabletalk Group with a platform to do other contract work in the near Pacific region.”