Feeds

Energis earnings up, losses up

And CEO Grabiner off to find life

  • alert
  • submit to reddit

Security for virtualized datacentres

Energis, the UK business telecoms company, has announced an increased pre-tax loss for the year of £100.6 million but a 50 per cent increase in earnings, 70 per cent increase in turnover and a step up in operating profit from £9.1 million last year to £47.0 million.

Despite sure signs that Energis is fit and healthy - and may even make a profit at some time in the future - the share price has barely shifted, tripping up 2p to 268p this morning.

This may have something to do with the departure of chief executive Mike Grabiner after 5 years. Grabiner is a talented man but said he was leaving without a job because he wants to get a life. "I have no job to go to and no idea what I'll end up doing. I just know I'm 50 and I want to do something entirely different while I'm young and energetic enough to do it," he said.

He will be replaced by the current COO David Wickham, who joined Energis in December 1999.

Interestingly, Grabiner has said he wouldn't want the job of CEO of BT - currently held by much-maligned knight Peter Bonfield. Grabiner would be a good choice as replacement as he worked at the telecoms giant for four years in several senior positions. Obviously the reported £5.5 million that Sir Pete may get before leaving the company he screwed up doesn't entice him. Mike won't go without though, so don't worry.

Enough of this though. Energis' results are as follows (all comparisons are year-on-year):

  • Total turnover up 70 per cent to £840.4 million
  • UK turnover grew 54 per cent to £683.7 million
  • Continental turnover up 218 per cent to £156.7 million
  • Earnings before interest, tax etc up 53 per cent to £141.7 million
  • Group operating profit before amortisation is £22.3 million
  • Internet services shot up 108 per cent to a turnover of £336.7 million - 40 per cent of Energis' total revenue
  • Restructuring costs of £1.3 million
  • Total depreciation of £119.4 million (up 38 per cent on last year)
  • Goodwill up to £39.5 million from £11.9 million

The company is also increasing its market share and working on bigger margins. However, it does not expect to make a profit or offer a dividend for another few years yet. ®

Security and trust: The backbone of doing business over the internet

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Why Oracle CEO Larry Ellison had to go ... Except he hasn't
Silicon Valley's veteran seadog in piratical Putin impression
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.