Irish-owned alternative telecoms service provider Digiweb has reported pre-tax profits of EUR11.2 million (USD13.8 million) for full year 2011, reversing a loss of EUR2 million in 2010. In its latest accounts filing, the altnet said the return to profit came despite a 7% year-on-year fall in revenue to EUR38.9 million. The firm’s fortunes last year were bolstered it said, by the one-time exceptional item of Digiweb reducing its debt by EUR13.3 million. A spokesperson for the company said: ‘Revenues, EBITDA and operating profits are all double or more over 2009, [while] debt reduction over the two years, and further, since year-end has been material’.
The Louth-based altnet has made several strategic acquisitions through the purchase of TalkTalk, Smart Telecom, Internet Ireland and Novara and job numbers have increased from 101 in 2009 to 154 today. The firm’s directors’ report adds: ‘The strong improvements in profitability, scale and balance sheet now positions Digiweb optimally for the next phase of organic growth and a pipeline of acquisitions are being contemplated.’