“Intec Billing signed 42 customer contracts in the first half, including several multi-million pound deals,” added Chief Executive Kevin Adams. “The depreciation of the dollar continues to impact us in North America, but we have still seen strong contributions from all regions, with particularly impressive growth in Asia-Pacific and Latin America. Our ability to secure major contracts is growing steadily and I am pleased to note that we have won a number of high value, multi-product deals from our enlarged OSS portfolio.”

“Intec Billing continues to set the pace in the OSS industry worldwide, with a very strong set of half year results and some notable customer wins,” said Intec’s Executive Chairman, Mike Frayne. “While investment by our carrier customers remains cautious, there is little doubt that a recovery is underway in the telecom sector. Improved operating results and an increase in corporate activity are clear signals of a return to more optimism among carriers and suppliers. New license sales, professional services and recurring revenue have all demonstrated healthy growth, and with ongoing cost control we have been able to convert this into substantially increased earnings. We believe there are strong opportunities for further success for our expanding product portfolio, as well as interesting consolidation and expansion possibilities through acquisitions. Intec is winning greater market share and raising its profile worldwide, and I believe that Intec can deliver another strong performance for the full year.”
 

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Intec Telecom Systems PLC - Unaudited results for the six months ended 31 March 2004

Substantial new contracts signed, revenues increased by 41% and EBITA increased by 212%

Intec Telecom Systems PLC (“Intec” or “the Company”), the leading global provider of telecoms Operations Support Systems (“OSS”) products, is pleased to announce its unaudited results for the six months ended 31 March 2004, (“HY 2004”). A combination of strong new license sales across Intec’s main product lines, increased revenues from both professional services and recurring business, and generally improved trading conditions in the telecom sector have driven a 41% increase in turnover and an increase in adjusted earnings per share of 130%. Trading conditions continue to be healthy, and providing these remain stable the Board is confident of satisfying full year expectations. In addition the Company is engaged in several major opportunities which, should they conclude and be recognizable in the current year, will enhance Intec’s financial performance for the full year.

HIGHLIGHTS

  • Turnover of £31.4 million increased by 41% (6 months ended 31 March 2003 (“HY 2003”) £22.3 million) with organic and acquisition-driven growth in all key activities.
  • Earnings before interest, tax, and amortization (“EBITA”) increased to £3.1 million compared with £1.0 million in HY 2003.
  • Adjusted EPS increased by 130% to 1.15p (HY 2003: 0.50p).
  • 42 new contracts of which 38 are with new customers. 20 new licenses signed in the period plus 22 new bureau customers (HY 2003: 27 new contracts signed, plus 31 through acquisitions).
  • Notable customer wins announced in Africa, Brazil, China, Eastern Europe, Russia, the UK and the USA.
  • Revenue and earnings adversely affected by US dollar depreciation, estimated at £1.3 million and £0.6 million respectively.
  • Operating cash outflow of £0.3 million (HY 2003: inflow of £2.6 million) after working capital investment in Digiquant and to support business growth.
  • Loss before tax reduced to £1.0 million (HY 2003: loss of £2.3 million), after depreciation and amortization of goodwill and intangible assets of £5.3 million (HY 2003: £4.4 million).
  • Customer installations reach 574 in 400 operators.
  • Intec retains balance sheet strength with cash and cash equivalent investments of £12.8 million (HY: 2003 £12.3 million).

About Intec
Intec Telecom Systems is an award-winning worldwide Operations Support Systems (“OSS”) vendor for fixed, mobile and next-generation networks (ie. WLAN, 3G and IP), with more than 500 installations of its products worldwide. Founded in 1997, Intec was listed on the London Stock Exchange (Code: ITL.L) in June 2000. Intec is the market leader in intercarrier billing systems and convergent mediation software, and a recent winner of the 2003 Global Billing Award – Best Overall Contribution, and Telestrategies ‘2003 Mediation Excellence Award’.

Intec’s portfolio includes:
Inter-mediatE™ - convergent billing and mediation solution
InterconnecT™ - intercarrier billing including US CABS and ITU
Inter-activatE™ - flow-through provisioning and service activation
Inter-contenT™ - end-to-end content revenue management
Intec Dynamic Charging Platform™ – a real-time pre/post-paid charging interface between the network and the back office
Intec ASF™ - end-to-end billing and management for advanced data services

Intec’s customer base includes, among others, BellSouth, BellSouth Peru, Brazil Telecom, Cable & Wireless, Cesky Telecom (Czech Republic), China Unicom, COLT Telecommunications, EBT (Taiwan), Eircom (Ireland), France Telecom, Hutchison 3G, Maxis (Malaysia), Singtel Optus (Australia), Orange, Telecom Argentina, Telecom Egypt, Telecom Italia, Tiscali, TPSA (Poland), Swisscom, T-Mobile International, Telia (Sweden), Telefonica, Telkom South Africa, Telstra, US Cellular, Westel (Hungary), Vodafone, VimpelCom (Russia) and Verizon. For more information on Intec Telecom Systems, visit the website at http://www.intec-telecom-systems.com.


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