SpiriTel Profits and Turnover Surge for FY 2007/08

SpiriTel plc, the AIM listed business communications service provider has announced its preliminary unaudited results for the year ended 30 April 2008 showing strong growth and a complete turnaround being achieved.

Commenting on the results, Chairman Lord St. John of Bletso said: “I am pleased to report on an excellent year of growth and development for SpiriTel plc. The Group is now a fully integrated business communications provider delivering fixed, mobile, data and networking services to wide ranging business customers across the UK. The Group is now very well placed to progress its chosen strategy further towards robust, accelerating profitability and value delivery to our shareholders.”

Highlights include revenue up 22% to £16.7 million and gross profit up 220% to £6.42 million (2007: £2.0 million).

Chief Executive, Alastair Mills added: “This has been a year of genuine turnaround for SpiriTel. We are profitable in the new financial year, turnover has increased markedly and we have achieved widespread recognition for the quality and pioneering nature of the IP communications services we are delivering to a broad range of business customers across the UK. Following two more acquisitions during the year, the Group is now a fully integrated business communications provider. This is a key differentiator for us in a market where customers are increasingly looking to one supplier to provide the full range of communications services they need. In a highly fragmented sector, we are also taking advantage of ongoing acquisition opportunities to expand our customer base, enhance earnings and, where appropriate, bring new products to the Group offering.”