Brushing off widening full-year pre-tax losses, Ronnie Smith, CFO of UK-based business communications service provider SpiriTel, said the group would continue to focus on acquisition-led growth.
Speaking to TelecomFinance, Smith blamed administrative…
Brushing off widening full-year pre-tax losses, Ronnie Smith, CFO of UK-based business communications service provider SpiriTel, said the group would continue to focus on acquisition-led growth.
Speaking to TelecomFinance, Smith blamed administrative costs and amortization for SpiriTel’s pre-tax loss of £11.4m for the year ended April 30, 2010, compared with a £1.7m loss a year ago.
The group said during the same period its EBITDA increased to £1.6m from £1.5m, on revenues up to £21.3m from £19.7m.
According to Smith, SpiriTel has cash available and the capacity to borrow more from banks to finance future acquisitions. He said he was currently considering a variety of targets.
On May 28, the company announced its twelfth acquisition since 2006, snapping up Shropshire-based mobile vendor HCL for £2.1m.
Commenting on the acquisition at the time, SpiriTel CEO Alastair Mills said: “HCL fits well with our acquisition strategy, as a large, well established mobile base with high potential for cross selling … SpiriTel is now one of the largest independent mobile providers to UK businesses.”
