Thus doubles earnings; break even expected by March 2005

4 Nov 2003

Glasgow-based telco Thus almost doubled earnings in the first half of its financial year, cheering investors further by announcing that it expects to break even at an operating level by March 2005. EBITDA climbed from GBP10.9 million in the six months to 30 September 2002 to GBP20.6 million in 2003, while revenues climbed 10% to GBP157.5 million. Capital expenditure fell from GBP23.7 million to GBP16.7 million, principally as a result of the company having substantially completed its network rollout, with the net result that losses for the half narrowed to GBP10.9 million. Much of the company’s success has been attributed to the acquisition of a number of high profile corporate customers including the Virgin Group, the GWR Group and Granada Interactive.

United Kingdom