Esat BT results reveal turnaround

23 May 2003

Esat BT has announced fourth quarter results which reveal a €60m turnaround in earnings. With earnings of €18.5m, the company has come back from a position where it posted losses of €47.5m last year.

“This is an extremely impressive reversal for the company. We started the financial year with huge challenges, and 12 months on, I’m very pleased with where we are in delivering on our promises,” said CEO Bill Murphy. “Esat BT was the first country in the BT Global Services division to become EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) positive last summer. The financial focus for the year ahead will be centred on ensuring the company becomes cash flow positive by year end,” he added.

The announcement came as parent company BT announced its full year results. The preliminary figures show an improved earnings per share of 14.2 pence, up 61pc and profit before taxation of £1,829m sterling, up 44pc. Group turnover was £18,727m, up 2 per cent and free cash flow was £1.7bn. The company’s net debt was reduced from £13.7bn to £9.6bn.

By Dick O’Brien