Conduit back in the black

4 Jul 2005

Irish information services company Conduit said today it has achieved a before-tax profit of €1.5m for the past year, compared with a loss of €31.2m a year earlier.

The company said its gross margin has more than doubled from 28pc a year ago to 46pc for the year ended 31 March, 2005.

“This has been achieved by the combination of hard work and determination by a dedicated staff, board and management and a general reorganisation of our business,” said Conduit CEO Liam Young.

“A strong performance of our 11850 directory assistance brand in Ireland as well as our other directory enquiry brands in the UK, Austria, Spain and Switzerland all contributed significantly to these results. All the markets in which Conduit operate made a positive cash contribution to the company in 2004.”

Conduit reported turnover was €57m for the year, marginally reduced from €59.5 last year, reflecting a management focus on profitable activities and a significant reduction in advertising expenditure.

In order to focus on areas that maximise profitability the company said it divesting itself of its directory enquiry business in Spain and is planning to launch a new web-based search solution later this year.

The company said its Outsource Services Division performed well adding a range of -new blue-chip customers during the year, including Vodafone UK, Aer Lingus, Tele2, T-Mobile, Cablecom and BT.

By John Kennedy