IT and telecoms funder Econocom saw an
increase in both revenue and profit in 2010. Consolidated revenue
reached €1,010m, up 33% from 2009, hitting the €1bn revenue target
planned for 2012. Operating profit also increased 64% to €47m.
Econocom completed the acquisition of ECS
Group from Societe Generale last October. The new structure of the
combined business was announced earlier
this month.
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The company said that the 2010 financial
results, combined with the capital increase reserved for Societe
Generale for the ECS acquisition, raised shareholders’ equity to
€140m. Total net debt, including the ECS acquisition debt, was
€40m, lower than forecast during the acquisition process.
Econocom’s management has anticipated a €1.4bn
revenue and operating profit 4% up in 2011, due to implementation
of commercial and cost synergies. The company expects cost savings
of €10m for 2011.
antonio.fabrizio@vrlfinancialnews.com
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