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Cabletalk has good opening quarter

For Immediate Release
July 26, 2005

Cabletalk has good opening quarter


For the first three months of the current year Cabletalk Group traded ahead of expectations, chairman Ross Keenan told shareholders at the company’s annual meeting in Auckland today.

He said the recently announced acquisition of the Fort Lock Security business was making an immediate contribution to the company’s earnings.

“This is a very interesting acquisition because it fits our skill base, uses similar technology and is able to be grown nationally using our branch structure.”

As announced, Cabletalk lifted its EBITDA for the year to March 31 by 160 per cent to $2.81 million and is paying its first dividend, a fully-imputed 3c a share.

Mr Keenan said the company closed the year with a strong balance sheet and no debt.

The company’s managing director, Peter Wilson, told the meeting the company had invested significantly in productivity-enhancing tools and systems, as well as staff training.

“This has happened over the past two to three years and it is gratifying to see that it has worked.

“Last year our revenue was down from $54.6 million to $41.1 million but our EBITDA was up from $2.8 million to $4.1 million.

“In respect of the current year our revenue will be below last year’s level but you can expect our EBITDA to be ahead.

“These gains reflect the productivity improvements which have been bedded into the business so that you get the gains not once, but year after year.”

He said the company was still looking at acquiring associated businesses that fitted with its core strengths of technical skills, service delivery capability, national coverage, management team, an experienced board and strong balance sheet.

He said the security company Fort Lock was a good fit. Security was a growing business and hardware suppliers are picking the industry to grow at an annual rate of 20 per cent.

He said the company had now added security to its core skill sets of telecommunications and IT installation and services.

ENDS

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