Anittel ups ebitda loss forecast to $1.9m
- 10 August, 2011 08:28
IT and telecom service provider Anittel (ASX:AYG) has increased the forecast for its FY11 ebitda loss by close to $1 million.
The company is now expecting to report an an ebitda loss of around $1.9 million for the financial year, once auditor PricewaterhouseCoopers completes its review.
Revenue is also expected to be around $3 million below the previous forecast, at $59.5 million.
Anittel said that operational reviews launched after the company's half-year update had lead to management changes and resulting restructuring costs of around $330,000. The company incurred further abnormal costs of around $240,000 for the year.
Anittel was listed when the company then known as Hostech, which bought a service provider called Anittel for $2.5 million early last year, took on the new name in November.
Five other telecom companies, including Accord and Aspirence, had been acquired to create the new entity.
As Hostech, the company recorded an FY10 loss of $1.7 million, and 310% revenue growth of $21.8 million.
AYG shares fell 14.29% to $0.006 in Tuesday's trading.
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