On Tuesday, Feb. 28 Anittel Group (ASX: AYG), half-year earnings report and showed that it is headed in the right direction. The company experienced revenues of $31.4 million through 31 December 2011.
This comes after the company incurred a $19.9 million net loss for FY11.
The telecom and IT services provider's loss from its ordinary activities after tax declined 93.8 per cent to $841,000 while earnings before interest, tax depreciation and amortisation (EBITDA) rose to $152,000.
This number represents the company’s first positive EBITDA result after its December 31, 2010 loss of $938,000 in 31 December 2010.
Other positive during this earnings period included $9.7 million in recurring revenue, a 10 percent increase, with $3.6 million total cash in the bank, representing a $1 million rise from 30 June 2011.
Operating costs declined to $11.3 million, a decrease from $12.5 million in the previous period.
In a statement by Anittel managing director Peter Kazacos, he said, “In the full year results for 2011, we expected a small growth in revenue in full year 2012 and a positive EBITDA outcome. In terms of revenue, this expectation remains. At an EBITDA level, the company expects to achieve a result in excess of $500,000.”
Kazacos also highlighted that during the last six months through 31 December, the company also ushered in a new board and executive management team, moved ahead in consolidating its systems and reported an increase in customer satisfaction.