Annual and interim reports

Highlights

• Substantial reorganisation programme completed within the year
• Continuing business resilient with healthy growth expected – strong current pipeline of significant business opportunities
• Adjusted EBITDA* of £1.1 million (2009/10: adjusted EBITDA loss £0.5 million) an increase of 340.6%
• Operating loss reduced by 19.1% to £5.3 million (2009/10: £6.6 million)
• Aggregate selling and distribution costs and administrative expenses reduced by £5.7 million (13.3%) to £36.8 million (2009/10: £42.5 million), including a £1.9 million (57.0%) reduction in Group Central Operating Costs
• Reorganisation will yield further annualised cost savings of £4.0 million, of which £1.5 million have impacted adjusted EBITDA* in the year
• Net finance costs reduced by £3.3 million (72.3%) to £1.2 million (2009/10: £4.5 million)
• Loss before taxation reduced by 41% to £6.6 million (2009/10: £11.1 million)
• £4.7 million increase in value on revaluation of metropolitan area network assets
• Positive cash flow from continuing operating activities (before reorganisation costs of £1.7 million) of £1.5 million (2009/10: £0.2 million) an increase of 965.9%
• Total Borrowings (net of cash and cash equivalents) reduced by £8.9 million (42.3%) to £12.2 million (2009/10: £21.1 million)
• Gearing reduced to 51% (2009/10: 78.8%) based on enterprise value (aggregate of total equity and total borrowings)
• Total equity increased by £6.2 million (114.7%) to £11.6 million (2009/10: £5.4 million)

* Before net finance costs, tax, depreciation, amortisation, integration and strategic costs and share-based payments.

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2011 REPORTS

Annual Report year ended 31 March 2011

2010 REPORTS

Interim Results 6 months ended 30 September 2010
Annual Report year ended 31 March 2010

2009 REPORTS

Interim Results 6 months ended 30 September 2009
Annual Report year ended 31 March 2009

2008 REPORTS

Interim Results 6 months ended 30 September 2008
Annual Report year ended 31 March 2008

2007 REPORTS

Interim Results 6 months ended 30 September 2007
Annual Report year ended 31 March 2007

2006 REPORTS

Interim Results 6 months ended 30 September 2006
Annual Report year ended 31 March 2006

2005 REPORTS

Interim Results 6 months ended 30 September 2005
Annual Report year ended 31 March 2005

2004 REPORTS

Interim Results 6 months ended 30 September 2004
Annual Report year ended 31 March 2004