Acotel reports growth in year-end results

Acotel Group, the parent company to Irish mobile applications provider Jinny Software, has released strong year end financial results for 2001.

Acotel's consolidated net profit increased from €1.4m in 2000 to €5.2m for 2001.

The company's consolidated EBITA grew by 76% to €9.1m compared to €5.2m last year.

Its consolidated revenues increased 105% from €10.7m in 2000 to €21.8m in 2001.

Claudio Carnevale, president and CEO of Acotel, said,"It has been an excellent year for our group since we have been able to outperform all the targets set for 2001 and communicated during the stock market flotation."

The company said that strategic business diversification towards the sale of multimedia platforms and network solutions account for 55% of its reported revenues.

Acotel cited contracts from Jinny Software as a large source of revenue.

Acotel's board of directors proposed the distribution of a dividend of €.4 per share with payment to be made on 16 May and it has also decided to submit a share buy-back plan.

The terms of the plan will be decided at a successive meeting of the board and will then require approval by the general assembly of the shareholders.