Recent trials showed that over 90% of users were pleased with the experience provided by the technology. We are also excited to report another addition to the group in the form of Goshawk Communications whose technology will enhance the customer experience for those phone users with hearing loss. Whilst it remains early days, we are pleased with the impact of the Transformation Programme thus far. Our first half performance also reflects the anticipated impact of the customer consolidation in our Data Centre business and realignment of our directory revenues.įirst half net debt was affected by the expected exceptional costs associated with the transformation programme, but I am pleased to say that underlying levels of cash flow remain strong and net debt is expected to fall in the second half as these costs reduce. The core business continues to perform well with decent levels of growth in both Broadband and Mobile revenues, while we have continued to deliver double digit growth in our Global Solutions business. "We have had a solid six months of trading for the Group, in line with Board's expectations. Gary Lamb, Chief Executive Officer, said: Implementation of transformation programme proceeding well Acquisition of majority stake in Goshawk Communication, which provides exciting technology for the hard of hearing Commenced initial investment in fibre to the premises ("FTTP"), which will provide ultrafast fibre broadband to 77 Island locations, for roll out in H2 2017 Demand in the core business of Fixed, Broadband, Data and Mobile remains robust Group trading in line with Board expectations Interim dividend of 3.9p (H1 2016: 3.7p), in line with progressive dividend policy Net debt increased to GBP61.7m (H1 2016 GBP53.1m), due primarily to costs associated with transformation programme. To increased cash conversion from Underlying EBITDA of 81.3% (H1 2016: 73.2%) Strong cash flow generation with Underlying operating cash flow of GBP10.2m (H1 2016: GBP10.1m) equating Reported Profit Before Tax of GBP5.2m (H1 2016: GBP6.3m) reflecting planned costs of transformation programme Underlying Profit Before Tax of GBP6.7m (H1 2016: GBP8.3m). H2 and Data Centre customer consolidation Underlying EBITDA GBP12.6m (H1 2016: GBP13.8m) primarily due to a shift in directory distribution date to Group revenue excluding Data Centre and Other revenue up 2.4% year on year Adjusting for this, Data Centre revenue returned to growth in the period Data Centre revenues down 32.3%, due to previously reported customer consolidation. Continued strong growth in Global Solutions revenues, up 13.0%
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Mobile revenues up 3.6% due to increased inbound roaming revenue and an increase in post pay contracts revenue Fixed Line, Broadband and Data revenues down 2.9%, with a decline in fixed line call revenue, partially offset by increased broadband revenue Manx Telecom Plc (AIM: MANX), ("Manx Telecom", the "Company" or the "Group") the leading communication solutions provider on the Isle of Man, announces its results for the six months ended 30 June 2017.
Manx timing solutions 2016 full#
Remain on track to deliver the Board's expectations for the full year
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Stable core performance and Global Solutions growth offsets expected data centre revenue decline.
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Results for the six months ended 30 June 2017