Pipex reports magic year
Just like that
Pipex pulled off a little bit of magic last year, turning a loss into a profit. Turnover at the UK broadband ISP and telco increased from £35.2m in 2003 to £102.3m in the 12 months to the end of December.
During the same period pre-tax profit hit £6.2m - a bright turnaround compared to the £7.2m loss made in 2003.
And the impressive performance appears to be continuing into 2005 with the company reporting that Q1 "started strongly across all areas of the business".
At the end of December Pipex had 192,000 broadband punters - up from 93,000 the year before. With demand for broadband continuing to push ahead Pipex is currently adding some 9,000 new broadband users each month, helping to make it the "5th largest supplier of broadband in the UK".
Executive chairman Peter Dubens said 2004 had been a "year of very good growth" for the business, which included the acquisition of web hosting outfit Host Europe and business broadband ISP Nildram.
"With the continuing growth in internet use and traffic, we are seeing increased demand from both consumers and corporate customers for our network, broadband and hosting services.
"These positive market conditions and the strong initial trading in 2005 give us confidence that Pipex is set to enjoy strong growth for the year," said Dubens.
By mid morning shares in Pipex were up 0.5p (6.67 per cent) at 8p. ®