Financial highlights
As per the Full Annual Report issued on 4 January 2010.
Operational highlights
- Sales down 4% to £90m
- Market share gains:
- Mobile subscriber base increased 6% to 55,299 (2008: 51,990),
- Fixed Line customer estate increased 23% to 55,780 (H1 2008: 45,397)
- Office based customers’ lines/channels increased 29% to 67,587 (2008: 52,262)
- System maintenance revenues increased 5% to £4.4m (2008: £4.2m)
- High spending customers taking 3 or more products increased by 10%
- Swift cost reductions lead to £1m lower operating costs in the second half of the year, and underlying operating profits reduced 14% to £9.0m (2008: £10.4m).
- Strong balance sheet and excellent cash generation:
- Free cash flow of £7.9m (2008: £7.6m).
- Strong cash conversion at 110% adjusted EBITDA (2008: 94%)
- Net funds of £8.1m (2008: £3.2m), after returning £1.3m surplus cash via buy backs
Corporate Highlights
- Proposed full year dividend increase of 11% to 5.1p supported by strong cash flow and high visibility of earnings (2008: 4.6p).
- Echo acquisition: earn out completed and a net refund to the Group of £0.2m achieved
- O2 Service provider licence renewed to 31 July 2011
To view the full report go to our reports and accounts section.
