Feb 18 2010
2009 Preliminary Results
We are pleased to announce our preliminary results for the year ended 30 September 2009.
The full report can be viewed here (Full 2009 Preliminary Report)
HIGHLIGHTS
Transforming year with month-on-month operating profits at year end (as defined in the Full Preliminary Report):
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* Turnover increased by 113% to £3,192,222
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* Gross profit increased by 85% to £991,169
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* The year on year operating loss reduced by 35% to £582,816
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* The operating loss for the first half of the year was £413,695
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* The operating loss for the second half of the year reduced to £169,121
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* Importantly, in the four months from 1 September 2009 to 31 December 2009 (the latest information available) show that the group has been operating at a modest EBITDA profit.
Non-Executive Chairman:
- Bill Allan, former CEO of Thus Group plc, appointed Non-Executive Chairman with effect from the conclusion of the Annual General Meeting.
Major acquisitions completed:
- Acquisition of Accent Telecom UK Ltd in June 2009 was fully integrated into Pinnacle within 90 days. Since the year end, a second important acquisition of Solwise Telephony Limited and its wholly owned subsidiary Sipswitch Limited was brought to a successful completion. In both cases, the acquisitions were all-share transactions, satisfied by the issue of shares at the relevant mid-market price.
Successful delivery of group strategy:
- The recent acquisitions demonstrate the execution of the group strategy to seek out well-priced and timely acquisitions of telecommunications resellers and dealers that are capable of adding value to the group, with emphasis in the deployment of next generation Internet Protocol (“IP”) based technologies. We intend to exploit the IP technology acquired through the acquisition of Sipswitch Ltd in January 2010.
Alan J Bonner, CEO, commented:
"2009 has been a transforming year that saw us build solid foundations. From this base we will follow our defined growth strategy to seek out well-priced and timely acquisitions. We aim to develop a wide range of next generation communications services, where the emphasis is on IP based technologies, delivering to our customers solutions that improve productivity, lower costs and save money, particularly for businesses that have more than one location.
As stated in the Chairman’s Statement, Graham is stepping down from the Non-Executive Chairman role in favour of Bill Allan. I would like to thank Graham for his invaluable assistance and his wise counsel since I became CEO in May 2008. I am very glad that I will continue to be able to access his services as an important consultant and mentor to the group, under the terms of his existing consulting agreement, until at least 31 May 2011. I believe the combination of Graham and Bill will be of tremendous value to the business and I look to the future with great optimism."