RNS Number : 9047Q
AdEPT Telecom plc
22 April 2009
AdEPT Telecom PLC (“AdEPT Telecom” or the “Company”)
AdEPT Telecom plc today issues a trading update for the year ended 31 March 2009. Final results are expected to be announced in early July 2009.
Despite the unprecedented conditions in the UK economy, the Company is pleased to announce that its revenue and underlying EBITDA will be in line with market expectations.
During the year to 31 March 2009 AdEPT Telecom has had several significant customer contract wins, including the contract to supply data connectivity to 3,200 sites operated by Gamestec Leisure, a leading national operator of gaming and amusement machines in the UK, worth an estimated £2.5m revenue over 3 years.
AdEPT Telecom has continued to focus on broadening its product range, particularly with regard to data connectivity, whilst developing and maintaining relationships with business partners across the UK.
One of AdEPT Telecoms’ strengths is its’ ability to generate strong cash flows and we expect year end net debt to be reduced from the previous year end, despite significant non-recurring costs during the year from the close-out of Telecom Direct Limited and restructuring costs.
In December 2008 the Company successfully negotiated new banking facilities through to December 2011. The new facilities provide a covenant package which is considered appropriate for the future development of the Company.
Roger Wilson, Non-Executive Chairman of AdEPT Telecom, said: “The strong cash flow generation of AdEPT and broadening of the product offering will ensure that the Company can continue to maximize opportunities in the context of the current uncertain market conditions.”
For more information please contact:
|AdEPT Telecom Plc|
|Roger Wilson, Chairman||07786 111 535|
|Ian Fishwick, Managing Director||01892 550 225|
|John Swaite, Finance Director||01892 550 243|
|Blue Oar Securities Plc|
|Shane Gallwey||020 7448 4400|
About AdEPT Telecom plc:
AdEPT Telecom plc is one of the UK’s leading independent providers of voice and data telecommunications services. The Company provides fixed line calls, line rental and data connectivity products to thousands of residential and business customers across the UK. AdEPT Telecom’s primary focus is on the UK SME market. AdEPT Telecom has strategic relationships with tier-1 suppliers such as BT, Cable & Wireless and Carphone Warehouse. The Company employs 65 members of staff at its offices in Tunbridge Wells, Kent.
AdEPT Telecom is listed on the London Stock Exchange (Ticker: ADT). For further information please visit: www.adept-telecom.co.uk