Manx Telecom results ‘show strengths and solid prospects for the future’

Mike Dee, CEO, of Manx Telecom.

Mike Dee, CEO, of Manx Telecom.

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Manx Telecom shareholders can expect an ‘attractive dividend’ later this year, it was revealed today.

The telecommunications company today released its eagerly awaited preliminary results for the year ended December 31, 2013.

Chief executive Mike Dee said he was pleased with the results which he described as positive and ‘steady as you go.’

They show revenues up five per cent to £76million, generating adjusted operating profit of £18.1 m, up 19.9 per cent.

Cash generated from operations was £28.1 million, representing an adjusted EDITDA (earnings before interest, taxes, depreciation, and amortization) cash conversion of 103 per cent.

Manx Telecom joined the junior market of the Stock Exchange, called AIM in February.

Mike Dee, chief executive, in London today, said: ‘These are our first results since the company’s sucessful IPO (Initial Public Offering) and admission to trading on the London Stock Exchange and underline Manx Telecom’s strengths and solid prospects for the future.’

Kevin Walsh, non-executive chairman, said the results and the succesful IPO ‘will also allow us to reward our shareholders with an attractive dividend which we expect to initiate during the current financial year. The Board confirms that current trading is in line with expectations.’

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