European IT and telecoms funder Econocom has
reported a modest 2% growth in revenue in the first quarter of
2012.
The firm posted revenue of €357m in the three
months to 31 March 2012, compared to €350m in the same period last
year.
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Growth was experienced in Northern Europe,
Eastern Europe and Southern Europe, while business remained stable
on the whole in France, which accounted for nearly 50% of the
company’s consolidated revenue, and the Benelux region, which
accounted for 24%.
The 2% revenue growth is in line with
Econocom’ stated income target for 2012 of a slight rise in
revenue, operating profit in excess of €70m and net earnings per
share of almost €2.
The company reported a 25% drop in annual
profits for 2011 to €21.5m on the back of costs associated with the
acquisition and integration of former Société Générale subsidiary
ECS.
Econocom’s muscular growth strategy has
continued into 2012 with the acquisition in January of a 40% stake
in Belgian virtualisation company Centix, which includes a
three-year option to buyout the remaining stake. The deal has
already resulted in several contracts being signed, according to an
Econocom statement.
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