From today's announcement (if this ain't cheap at 23 odd, I have no idea what is anymore):
Service Stream will release its first half results to the market on 27 February 2009. Subject to final review by
its auditors, the Company expects to report revenue and EBITDA of approximately $275 million and
$15.3 million for the six months to 31 December 2008, representing an increase of more than 35% and 12%
on the previous corresponding period, respectively.
The half year result underlines the strong operating
performance from Service Stream’s core operating businesses, with divisional highlights being Field Services
(Ticket of Work), Contact Centre Solutions and Infrastructure Services – Telco.
As discussed above, the reported result will also include a $5.3 million EBITDA loss (before corporate
overheads) contribution from McCourt Dando which forms part of the Group’s Infrastructure Services
(Utilities) division.
The Company will report negative operating cashflow of $15 million for the half year to 31 December, which
relates primarily to the outstanding McCourt Dando claim. The Company expects to record a strong operating
cashflow performance for the second half.
Service Stream remains conservatively geared at 3.0 times EBITDA to Net Debt.
The Company continues to operate within its banking covenants and has sufficient headroom within its debt facilities to fund growth in the business. Its main senior debt is not due for renewal until October 2010.
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