Business
Result of AGM and Trading Upd
Result of AGM and Trading Upd.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n RNS Number : 3463J Pinnacle Telecom Group PLC 29 March 2010 \n \n\n29 March 2010 \nPinnacle Telecom Group plc (\"the Company\")\n \nResult of Annual General Meeting\nTrading Update \n \nAt the General Meeting of the Company held today, all resolutions were duly passed. In accordance with the announcement made by the Company on 18 February 2010, William Allan has now been appointed as Non-Executive Chairman of Pinnacle.\n \nFollowing completion of the AGM, the CEO, Alan J Bonner, issued a trading update as follows:\n \n\"We have continued to make good progress since our 30 September 2009 year end results, which were issued on 18 February 2010, and we are very pleased to report that our unaudited management accounts for the five months to 28 February 2010 continue to show profits (measured as the consolidated profit before interest and taxation, but before IFRS adjustments and the share of results of associated companies). Including the month of September last year when profitability was reached for the first time, we have now seen a full six months of profits, helped by the high level of recurring revenues that we now have in the group.\n \nAt 30 September 2009, we reported that recurring revenues represented 88% of our turnover, and I am delighted to report that this continues to be the case.\n \nEBITDA (earnings before interest, taxation, depreciation and amortisation) is also positive over the same six-month period to 28 February 2010, again measured before IFRS adjustments and the share of results of associated companies.\n \nThe integration of Solwise Telephony Limited and its wholly owned subsidiary Sipswitch Limited acquired on 12 January 2010 is now complete and is yielding immediate and positive benefits to the group following the integration process.\n \nIn line with the Sipswitch development plan, the beta testing phase of our Sipswitch platform on a VoIP soft phone is now complete and working seamlessly. \n \nThe soft phone provides all the features of our Sipswitch VoIP service, without the need for desk phones. Instead, the functionality of a feature-rich desk phone is provided through software, which is installed on a computer, PDA, laptop and some mobile phones, including the iPhone.\n \nThe soft phone has all the functio...