TelecityGroup plc results for the year ended 31 December 2010

TelecityGroup delivers another year of strong growth and confirms positive outlook for 2011.

Telecity Group plc (‘TelecityGroup’, ‘the Group’ or ‘the Company’), Europe’s industry-leading provider of premium network independent data centres, today announces its results for the year ended 31 December 2010.

Highlights

• Revenue up 15.9% to £196.4m (2009: £169.4m), with constant currency revenue growth of 17.7%
  
• Adjusted(1) EBITDA(2) up 30.5% to £83.4m (2009: £63.9m)
  
• Adjusted EBITDA margin up to 42.5% (2009: 37.7%)
  
• Adjusted profit before tax up 45.0% to £51.4m (2009: £35.4m)
  
• Adjusted(1) diluted earnings per share up 30.2% to 21.1p (2009: 16.2p)
  
• Operating free cash flow up 25.2% to £74.4m (2009: £59.4m)
  
• Total available customer power up to 58MW (2009: 51MW)
  
• Total announced(3) customer power up to 107MW
  
• £200m, five-year senior debt facility arranged in the year
  

Statutory equivalents

The highlights above exclude the effect of exceptional items (note 6) and other financing items (note 7). These items are not considered to be part of the underlying business of the Group. If these items are included, the following statutory equivalents result:

• Profit before tax of £45.9m (2009: £38.1m)
  
• Diluted earnings per share of 19.0p (2009: 17.6p)
  
• A reconciliation between the adjusted and unadjusted figures is contained in note 9.

Michael Tobin, TelecityGroup CEO, said:

“2010 was another year of significant progress for TelecityGroup. The Group achieved excellent results, with strong growth in revenue, adjusted EBITDA, EPS and operating free cash flow.

We also secured a substantial amount of additional capacity in key European internet hubs, which will enable us to meet our customers’ demand for highly-connected capacity as the digital economy grows.

We have enjoyed a good start to 2011, both in terms of trading and progress in our fully funded capacity expansion programme. As such, I am confident that 2011 will be another strong year for TelecityGroup.”

Download full results announcement (pdf)
Watch Michael Tobin discuss 2010 results

For further information please contact:

TelecityGroup:
Investors: Matthew Springett  +44 (0)20 7005 6337
Media: James Tyler +44 (0)20 7001 0076
Brunswick: Sarah West/James Olley +44 (0)20 7404 5959

Notes to Editors

Telecity Group plc TelecityGroup is Europe's industry-leading provider of premium network independent data centres. TelecityGroup specialises in the design, build and management of highly connected, resilient and secure environments in which customers can house their telecoms, internet and IT infrastructure. Headquartered in London, TelecityGroup’s data centres are located in the key European connectivity hubs. A TelecityGroup data centre is a thriving, connected, digital ecosystem providing direct access to a wide choice of telecoms and content distribution networks, key internet exchange points, and cloud hubs, all of which facilitate the sharing, distribution and storage of data, content, applications and media. Telecity Group is listed on the London Stock Exchange (LSE: TCY).

http://www.telecitygroup.com/investor-centre-home.htm

The content of the Telecity Group plc web site should not be considered to form a part of or be incorporated into this announcement.

Cautionary note regarding forward-looking statements

This announcement includes statements that are forward-looking in nature. All statements other than statements of historical facts could be deemed to be forward-looking statements. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. Accordingly, the actual results, performance or achievements of the Company may be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Except as required by the Listing Rules and applicable law, Telecity Group plc undertakes no obligation to update or change any forward-looking statements to reflect events occurring after the date such statements are published. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The Company's shares have not been registered in any U.S. jurisdiction, and, in particular, will not be registered under the U.S. Securities Act of 1933, as amended or any applicable state securities laws.

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