Eircom recovery ahead of target

Eircom is ahead of schedule in terms of its long-term recovery plan, its management has claimed, despite its latest annual results showing further earnings and revenue declines.

The former State-owned telecommunications company, yesterday reported group revenues of just under €1.4bn for the 12 months to the end of last June.

This was down by €121m, or 8% on the previous financial year. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by €55m, or 12%, to €487m. However, chief financial officer Richard Moat noted that the latter figure is €22m ahead of target and the €123m EBITDA figure for the quarter marked the second successive quarter of earnings growth.