On-target Uecomm Keeps Up Revenue Momentum
The Age
Thursday April 17, 2003
Uecomm is on track to deliver its predicted $55 million to $60 million revenue result for calender 2003, according to the small telco's managing director, Peter McGrath.
However, he would not predict a return to the black this year. Last year, Uecomm lost $5.47 million after losing $55 million in 2001.
Revenue for the first quarter this year was $12 million, up 50 per cent on the same period last year. This translated into pre-interest earnings of $3.4 million, compared with $500,000 for the first quarter of 2002. For the full year, EBIT is expected to rise to $17 million.
The company is benefiting from its performance last year when it won $86 million worth of new business.
The expanding business is pushing up capital expenditure, which doubled to $8.1 million in the first quarter.
Mr McGrath said the results were very encouraging. ``Our first-quarter results show that we haven't lost the momentum gained in 2002."
He said the company had completed its restructuring and was focusing on government and corporate contracts. The West Australian business had been sold and significant new contracts had been won with the public sector in New South Wales and Queensland.
Uecomm shares closed 2 higher at 15 .
© 2003 The Age