Business
Half Yearly Report
Half Yearly Report.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n RNS Number : 3116U Pinnacle Telecom Group PLC 23 June 2009 \n \n23 June 2009\n\nPinnacle Telecom Group plc ('Pinnacle' or the 'Company')\nInterim Results for the six months ended 31 March 2009\n\nPinnacle Telecom Group plc, the Scottish based provider of integrated telecommunication solutions and services, today announces interim results for the six months ended 31 March 2009.\n\nKey points:\n\n\n\n\nTurnover from the continuing business increased by 48% to £1,076,944 compared with £725,695 in the equivalent period last year\n\n\n\n\n\nIn just 18 months, the Company has successfully completed its exit from the IT project business where revenues were non-recurring and based on the award of individual contracts from a limited corporate, and mainly financial sector, customer base\n\n\n\n\n\nThe Company now has over 1,000 customers, mainly SMEs, with over 70% of revenue streams based on recurring income\n\n\n\n\n\nLoss for the half year reduced by over 40% to £512,861 compared to £863,728 in the half year to 31 March 2008\n\n\n\n\n\nThe operating loss before amortisation, impairment of goodwill and exceptional cost widened slightly to £413,695 compared to £347,272 in the first half last year. However the result compares favourably with the second half last year when the equivalent operating loss was £550,878 which represents a reduction of nearly 25% compared to the second half\n\n\n\n\n\nAll share acquisition of Accent Telecom UK Limited ('Accent') and its interests in associated companies announced on 11 June 2009\n\n\n\n\n\nAccent is highly complementary to Pinnacle, giving us a solid base of operations, additional recurring revenues and wider geographical coverage\n\n\n\n\n\nAccent includes interests in a range of state-of-the-art IP solutions through ownership of 40% of Stripe 21 Limited \n\n\n\n\n\nThe Accent acquisition brings additional depth of experience in the telecommunications business. Darron Giddens, the founder director and the other major shareholder, Paul Goodland, have been instrumental in building the Accent business and both will remain with A...