UK service provider PlusNet reports turnover increased 37% to £22.5M during the first six months of the year
August 1, 2006
LONDON -- PlusNet plc ("PlusNet" or the "Company"), the UK's best value internet service provider for the discerning user, today announces its interim results for the six months to 30 June 2006.
Financial Highlights:
Turnover increased 37% to £22.5m (2005: £16.4m)
Operating profit* up 41% to £3.1m (2005: £2.2m)
Operating cashflow before customer activation and modem, and
Metronet integration costs up to £3.3m (2005: £3.1m)
Adjusted earnings per share* up 32% to 7.63p (2005: 5.79p)
Operational Highlights:
Broadband customers numbers up 75% year on year to 198,000 (2005: 113,000)
First migration of customers to wholesale LLU network
Continued investment in Workplace platform
Launch of voice line rental and associated calls packages in early July
Note: * Pre FRS 20 Share Based Payments
Lee Strafford, Chief Executive, commenting on PlusNet’s results, said:
"PlusNet's focus on discerning users clearly differentiates it from the service providers targeting mass-market customers. This focus provides access to a growing sub-set of the overall broadband market, driven by referral, rather than advertising. I believe we are well positioned to deliver sustainable and profitable long-term growth in the broadband market, based upon continued development of innovative, excellent value products and our low-cost operating model.
Recent turbulence and technological change in the broadband market may have adversely affected our customer acquisition rates in the short term, but we are committed to operating profitably and I am confident that our profitable operating model will be sustainable into the long term.
PlusNet's strategy positions it well to weather the current turbulent broadband market and the outlook for PlusNet remains positive."
PlusNet plc
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