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Easynet ups revenues, narrows loss

Broadband take-up 'very encouraging'

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Pan-European broadband outfit Easynet has seen its revenues increase and its loss narrow as it continues to target businesses with its high-speed Net services.

Publishing interim results for the first six months of the year, Easynet reported that revenue had swelled by 33 per cent to £55.2 million - up from £41.6 million during the same period last year.

The company made a pre-tax loss of £15.7 million during H1 - down from £22.6 million in 2002.

If all goes to plan, Easynet claims that it's on track for turning EBITDA (earnings before interest, etc) positive by the end of 2003 and cash-flow positive during 2005.

Easynet has kitted out around 130 exchanges where it is able to offer unbundled broadband services, and expects to increase that number to 150 by the end of the year.

Although the company didn't release any specific figures, it reported that take-up of its own-loop services is "very encouraging". What's more, average revenue per user for Easynet's DSL products has not increased to more than £1600.

In a statement, chief exec David Rowe said: "Going forward, we will continue to exploit the opportunity in the broadband arena by building on our leadership position in LLU in the UK and developing further our high quality pan-European customer base."

In May, Easynet was named as one of six companies chosen by the UK government to supply broadband services, kit and consultancy to the public sector.

In July, Easynet paid €3.34 million (£2.4 million) for German ISP talknet to bolster its European operations.

At mid morning, shares in Easynet were up 2.5p (1.8 per cent) at 140p. ®

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