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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eservglobal Limited | LSE:ESG | London | Ordinary Share | AU000000ESV3 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.45 | 5.40 | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5218E eServGlobal Limited 27 October 2004 Chairman's Address eServGlobal Limited Annual General Meeting 27 October, 2004 In November 2003 we stood before you with a plan to return eServGlobal to profit and growth. I am proud and delighted to report that we have achieved the turnaround of the business, with a second half after-tax profit in the 2004 fiscal year of $1million, on revenue of $17.6million, up 23% from thecorresponding period in 2003. This was not achieved without a measure of pain, thus we bore $4million of restructuring charges, R&D and tax write-offs across the year. These costs, coupled with the weakened state of the company before the management changes in September 2003, led to the full year net loss of $5.5million. However, it is the second half result which indicates the new strength in the business. The transformation that has occurred within eServGlobal in the last year is astounding. We now manage the business to a clear plan, with accurate and timely information and with uncompromising vigilance. Our people are united, motivated and focused on achieving results. There is a new level of energy and enthusiasm throughout the company, a level of pride and commitment that flows through to our customers and ultimately, to our investors. Market conditions in the telecommunications industry continue to exhibit steady improvement. eServGlobal is today engaged in a wide range of opportunities, which gives us confidence in forecasting revenue and profit growth in fiscal year 2005. We believe our first half will achieve $16million in revenue, 40% greater than the corresponding period last year. First half EBITDA will be impacted by the costs of the AIM listing and the setup cost of our outsourcing arrangements in India, but the second half backlog is building well and we expect an excellent full year result. We still face the challenge of an environment where large value contracts can move our results significantly, in a manner which is challenging to forecast or to extrapolate to future years. Our significant installed base moderates the risk but it's not the whole answer. Our objective must be to deliver consistent and predictable revenue and profit growth over the long term. The solution is to migrate to a broad-based sales model, where an increasing level of our activity will come from marketing partnerships with major telco software vendors, delivering solutions with high recurring revenue components. This is our core growth stategy. Our partnership with Comverse Technology was announced in July and we are on track to conclude an OEM agreement with them by the end of calendar 2004. Comverse is the world's leader in messaging solutions, with over 400 carriers in more than 100 countries. This agreement will greatly expand our market reach, delivering new opportunities and growth. Similar partnerships are being developed in other sectors of our industry. Our London Stock Exchange AIM market listing launched on Monday October 18 th and we believe that this has already delivered substantial value to shareholders. We are well engaged with leading UK institutions and will continue to build awareness of the company. And of course our engagement with Australian investors continues to mature and strengthen. eServGlobal will continue to be a technology leader. Our ground-breaking platforms for convergent billing and next-generation messaging are driving our business forward today, while we invest in and build the innovations of tomorrow. We are part of a major change in the economics of the telecommunications industry, bringing more technology within reach of more people in more countries. Our solutions are in the vanguard of this change. We are a leader, not a follower. This underpins our confident outlook; this will enable us to deliver long term growth for our shareholders. I will now ask our Chief Executive, Mr Pat McGrory, to address you. This information is provided by RNS The company news service from the London Stock Exchange END AGMEAEEXAFNLFFE
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