PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Spark Communications

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

2e2 Announces Year End 2010 Results - Services provider announces financial results for year ended 31 December 2010 - 2e2.com
2e2 Announces Year End 2010 Results

 

NewswireToday - /newswire/ - London, United Kingdom, 2011/05/19 - Services provider announces financial results for year ended 31 December 2010 - 2e2.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering IT Services/Network Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

2e2, a leading UK-based ICT services provider, is today delighted to report its financial results for the year ended 31 December 2010.

Financial & Operational Highlights:

• Revenues of £327m (2009: £200m) and EBITDA of £37.9m (2009: £30.0m);
• Strong organic revenue growth; up 9% on a like-for-like basis;
• Strong cash generation; cash inflow from operations more than 90% of EBITDA after exceptional items and restructuring costs;
• 33% increase in operating profits;
• Acquisition and integration of Morse plc;
• Significant reduction in bank leverage as a result of the acquisition of Morse and growth in earnings.

Terry Burt, Chief Executive Officer at 2e2, commented: “We have produced a strong set of results and seen a return to growth. During the year we have enjoyed some excellent customer wins as our portfolio of enhanced propositions was rolled out to the market. The acquisition of Morse plc in June 2010 marked a major milestone in our development. It has increased the size of the organisation to over 2,200 employees and has enabled us to broaden our offering to an expanded portfolio of customers. The Morse acquisition was funded by Hutton Collins, our new equity partner who sits alongside Duke Street as our principal equity investors. As a result of the extra profits contributed by Morse we have reduced the level of our bank borrowings. We expect this to reduce further once we have had the benefit of a full year of Morse earnings and the cost synergies that have accrued from the integration.”

Outgoing 2e2 Chairman, Eric Priestley, commented: “In a year that presented us with improved but subdued trading conditions, I am pleased to report that we once again produced a good set of results. There were many good customer wins including some substantial transformational projects as an increasing number of customers recognised 2e2’s breadth of technical capabilities and depth of business knowledge. Furthermore, our acquisition of Morse plc brought valuable skills to 2e2 and firmly established us as a leading services provider within the financial services, TMT and local government markets, amongst others. The core business delivered strong organic growth during 2010, and enhanced by our new initiatives we expect 2011 to represent a year of further economic growth.”

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering IT Services/Network Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Spark Communications

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
IT Services/Network Management articles,
CATCH Visitors via Your Competitors Announcements!


2e2 Announces Year End 2010 Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Alex Crawshaw - SparkComm.co.uk 
+44 (0)20 7436 0420 2e2[.]sparkcomms.co.uk
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Spark Communications securities in any jurisdiction including any other companies listed or named in this release.

IT Services/Network Management via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Spark Communications / Company Profile


Read IT Services/Network Management Most Recent Related Newswires:

Evolve IP Awarded with 2017 Unified Communications Product of the Year
Thales Acquires Guavus - One of the Pioneers of Real-time Big Data Analytics
ConfigureTek’s Q2 Scheduled Event Opportunities - Partners with ServiceNow
Ekahau Earns Frost & Sullivan Customer Value Leadership Award for Delivering Industry-Best Solution for Deploying and Maintaining Wi-Fi Networks
NEC Successfully Trials Landslide Prediction System in Thailand
Infosys Expands Footprint in Eastern Europe Opens Delivery Center in Croatia
RTI-C and NEC Begin Construction of HK-G Submarine Cable System
YASH Technologies Announces Strategic Partnership with Worksoft to Offer End-to-end Automated Testing Services
NEC Software Uses Facial Recognition to Verify Mobile Service Users
NEC and EnspireME to Build Europe's Largest Battery Energy Storage System in Germany
RoundTower Becomes Turbonomic Platinum Partner Through Investment in Autonomic Performance Practice
NEC and K-Opticom Successfully Trial System Combining Virtualization Technology with 10G-EPON
Evolve IP Announces Availability of the Global Evolved Office (GEO)
Accudata Systems, Inc. Successfully Renews Elite Cisco Master Security Certification
Abritas Fully Integrated into Civica

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  JobsWare.com





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)