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Telecity Group plc Results for the six months to 30 June 2008
Telecity Group plc ('TelecityGroup', the 'Group' or the ‘Company’), the leading pan-European operator of network independent data centres, announces its maiden profit showing strong revenue growth and continued demand for its services.
- Revenue up 34.2% to £61.9m (H1 2007: £46.1m)
- Adjusted EBITDA(1) up 62.5% to £16.8m (H1 2007: £10.3m)
- Adjusted EBITDA margin up to 27.1% (H1 2007: 22.4%)
- Average revenue per occupied sq.m(2) up 22.8% to £1,587 (H1 2007: £1,292)
- Maiden Profit Before Tax of £7.0m (H1 2007: loss of £3.5m)
- Cash flow from operating activities of £21.8m (H1 2007: £3.3m)
- Earnings per share of 4.8p (H1 2007: loss of 2.2p)
- New state-of-the-art data centres opened in London and Amsterdam bringing significant new capacity online in key markets
- Significant wins and renewals in the period include Facebook®(3), Verisign, AOL and Toys ‘R Us
- New data centres announced in Paris and Milan to open during 2009
Michael Tobin, Telecity Group plc CEO, said:
“The first half of 2008 has been very successful for TelecityGroup. The digital economy continues to drive sustained demand for our services and provides a significant source of growth for the business.
The Company is delivering at all levels of its strategy and we continue to perform ahead of our own forecasts in all markets. We are increasing revenues per square metre, selling more services to our existing customer base while acquiring substantial new customers at good pricing levels. In addition, the new capacity that has recently come online in London and Amsterdam will help us to capture the growing demand in our key markets.
“To support our continued growth in Europe, today we have announced that we will be opening a new facility in Milan which will offer approximately 2,000 square metres and over 2.5 megawatts of customer capacity. The new data centre, our second in the city, will open in the first half of 2009 and follows our recent announcement of a new facility in Paris which will also open in H2 2009.
“The Company continues to generate strong and growing operating cash flows which, together with our committed financing arrangements, allows us to fully fund forthcoming new build and expansion projects.
“TelecityGroup’s performance demonstrates the Company’s ability to lead in a sector that continues to enjoy consistent growth. Our pipeline is strong and we expect to continue to build on the momentum achieved in the first half of the year."