GTT reports stable FY19 results
GTT Communications has reported stable FY19 financial results amid plans to sell much of its pan-European infrastructure assets.
In an exclusive, Capacity reported in February that GTT was planning to sell the former Interoute and Hibernia Express infrastructure it acquired.
Along with today’s financial results the company confirmed these reports saying that it plans on exploring the “divestiture of its infrastructure division” that will likely include its “pan-European fibre assets, subsea transatlantic fibre and data centre infrastructure” which the GTT acquired as part of its Interoute and Hibernia acquisitions.
In addition, GTT is in the process of separating out the income statement and assets of the divestiture but the infrastructure division is expected to deliver revenues of between US$370 - $390 million with EBITDA of between $160 - $180 million.
According to the financial results, the company experienced growth of 15.9% in revenues year-on-year compared to 2018, reaching $1.7 billion. It also managed to reduce its losses for the year bringing it down to $105.9 million compared to $243,4 million in 2018.
The telco says the loss is due to numerous non-recurring costs including $36 million in exit, transaction and integration costs, as well as $31.4 million in changes to interest rates swaps.
Interestingly capital expenditure for the year increased to $102.2 million, accounting for 5.9% of revenue, compared with the $77.7 million it spent in 2018 which accounted for 5.2% of revenue.
It was a slightly different picture for its Q$19 results. Revenues were down 6.8% at $423.9 million compared to Q418 but was a slight improvement on Q319 of 0.9%.
The net loss for the quarter came in at $19.1 million compared to $53 million in Q418 and $26.2 million in Q319.
Adjusted EBITDA for the same period fell to $102.8 million representing a decline of 12.3% compared to 4Q18 and but was an increase of 0.4% compared to 3Q19.
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