European IT and telecoms funder Econocom has exceeded expectations with a 55% increase in revenue in 2011.
The France-based IT management business posted annual consolidated revenue of €1,580bn compared to €1,021bn in 2010, ahead of the company’s stated target of €1.4bn.
In a statement before publication of its full annual results on 7 March 2011, the company attributed the revenue growth to lively sales activity throughout the year and to the integration of ECS, the former Société Générale subsidiary acquired in October 2010.
The statement said Econocom’s leasing business, IT Financial Services, particularly benefited from ECS contribution and performed ahead of expectations.
Geographically, the Benelux region which represents 24% of Econocom’s revenue, and the UK, 4.5%, performed best with both areas posting double-digit growth.
Econocom said its business in France, which accounts for nearly 50% of its consolidated revenue, performed well despite the operational costs of integration with ECS and added its Southern and Eastern European operations managed to withstand the difficult economic climate.
The company added it expects to exceed its initial target for operating profit of €56m.