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Envesta Gets Investor, Makes Profits

Envesta announces interim results and secures first institutional investor

March 23, 2005

2 Min Read

LONDON -- Envesta Telecom plc (“Envesta” or the “Company”), the alternative telephony provider, announces interim results for the six months ended 31 December 2004.

Financial highlights:

  • Group turnover increased to £9,112,207 (2003: £5,241,437), up 74%

  • Gross profit increased to £2,030,734 (2003: £801,262) an increase of 153%

  • Underlying Profit before tax1 £517,739 (2003: £340,338 loss)

  • Basic earnings per share of 0.13 pence (2003: 0.14 pence loss)

  • Shareholder base reduced to more appropriate size

  • Appointment of new Chairman, Kevin Jauncey

  • Launch of Cheaper Call Rate international calling service

1Underlying profit is calculated as the reported profit before tax of £403,739 (2003: loss of £299,110) adding back the exceptional operating expenses of £114,000 (2003: £nil) and removing other operating income of £nil (2003: £41,228)

Commenting on the half year results Kevin Jauncey, Executive Chairman of Envesta Telecom said: “These results demonstrate robust and growing revenues, a return to profitability and a debt free balance sheet. Performance in the year to date, along with our reinforced focus on the wholesale business and the recent move into the retail market with Cheaper Call Rate, has positioned Envesta as a leading supplier in the International Telephony market.”

“The performance in November and December showed considerable improvement on the previous four months, and I am delighted to say that this improved performance has continued into the second half of the year.”

---In a separate release---

LONDON -- Envesta Telecom plc (“Envesta Telecom” or the “Company”) the AIM quoted premium international telephony provider today announces it has secured its first institutional investor.

Legal & General Investment Management Ltd purchased 17,391,304 new ordinary shares in the Company (“New Ordinary Shares”) at 5.75 pence per share, providing the company with net proceeds of £962,500 after costs. Application has been made for admission of the New Ordinary Shares to trading on AIM and dealings are expected to commence on 31 March 2005.

Following the issue of shares Legal & General Investment Management Ltd will own 7.04% of the enlarged share Capital of 246,981,063 ordinary shares.

Envesta Telecom plc

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