Tiscali publishes 2002 results; affirms guidelines for 2003

24 Mar 2003

Italian ISP Tiscali has posted a net loss of EUR593.1 million for 2002, a considerable improvement on the EUR1.66 billion loss it recorded the previous year. Turnover for the period was up 18% year-on-year to EUR748.4 million, while the company became EBITDA positive at EUR1 million, compared with a EUR170 million loss in 2001. Tiscali had predicted achieving revenues of EUR770 million, a prediction which had itself been lowered from the original figure of EUR1 billion. According to analysts, the firm’s failure to reach these targets was a direct result of its late entry into the ADSL sector. Tiscali launched ADSL across Europe during 2002 and by the end of the year had signed up 214,000 users; it aims to have increased its subscriber base to 600,000 by the end of this year. It also expects to increase revenues by 20%, with an EBITDA margin of between 5% and 6% and positive free cash flow by the second half of the year. A positive net profit is expected to follow in 2005.