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Teamtalk positioned for future growth

Teamtalk positioned for future growth

Leading mobile radio communications company TeamTalk today announced an annual profit result of $3.1 million, a 23 percent increase on the previous year’s performance.

Revenue increased from $20.1 million to $20.4 million and the company will pay its first ever fully imputed dividend to shareholders of $1.5 million, or $1.88 per share.

“The year saw the company’s operating profit increase 17% to $9.5 million on the back of increased revenue from core business activity and a focus on cost reduction,” TeamTalk Managing Director David Ware said.

TeamTalk also re-purchased and cancelled the 19.99% shareholding of Telecom New Zealand. This shareholding was a legacy from TeamTalk’s purchase of Telecom’s mobile radio business in May 2001.

“Having successfully completed the last of the restructuring activities associated with the purchase of Telecom’s mobile radio assets we now have a very strong base with predictable cash flows.”

TeamTalk has now completed all material obligations that resulted from the purchase.

A focus on improved credit control and a review of the company’s network infrastructure enabled TeamTalk to achieve an overall reduction in costs of $1.2 million over the previous year.

“Looking forward, our immediate plans are centred around adding value to existing products,” Mr Ware said. These include providing the facilities for customers to lease mobile radio equipment, an increased number of data services via the network and central monitoring services.

The company also intends on exploring the acquisition of related businesses that could complement TeamTalk.

“We do however remain mindful of the fact that the telecommunications industry is littered with companies pursuing profitless volume strategies or with flawed business models,” Mr Ware said. “Any acquisition would have to match our rigorous standards.”

“TeamTalk has built a solid base for future growth,” Mr Ware said. “Our aim is to be the best little telecommunications company in New Zealand and, as this result demonstrates, I firmly believe we are well on our way to achieving that goal.”

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