Half Yearly Report

About this update from Cloudcoco Group Plc

RNS Number : 3116U Pinnacle Telecom Group PLC 23 June 2009   23 June 2009 Pinnacle Telecom Group plc ('Pinnacle' or the 'Company') Interim Results for the six months ended 31 March 2009 Pinnacle 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. Key points: Turnover from the continuing business increased by 48% to £1,076,944 compared with £725,695 in the equivalent period last year In 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 The Company now has over 1,000 customers, mainly SMEs, with over 70% of revenue streams based on recurring income Loss for the half year reduced by over 40% to £512,861 compared to £863,728 in the half year to 31 March 2008 The 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 All share acquisition of Accent Telecom UK Limited ('Accent') and its interests in associated companies announced on 11 June 2009 Accent is highly complementary to Pinnacle, giving us a solid base of operations, additional recurring revenues and wider geographical coverage Accent includes interests in a range of state-of-the-art IP solutions through ownership of 40% of Stripe 21 Limited  The 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 Accent.  Darron Giddens is a qualified accountant and, until mid 2002, was the Finance Director of IDN Telecom plc, previously an AI...

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