ITG half year turnover leaps 122% to euro 56m

Irish telephone maintenance and business solutions company ITG today reported a 122 per cent increase in turnover to euro 56.5 million (£44 million) for the six months to October 31st 2000.

A company statement said profits before tax and goodwill were euro 10.58 million compared with euro 0.92 million in 1999.

ITG said its pre-tax profits benefited from the euro 10.41 million resulting from the sale of 4.9 per cent of ITG's shareholding in Orbiscom. The company still retains a 9.66 per cent stake valued at euro 25 million.

The directors said given the substantial investment being made in Europe it would not be prudent to declare a dividend at this time.

The company confirmed its intention to rename claiming it would give it a much stronger brand image. Today’s results followed a strong performance from both the electronic transactions and the voice and data divisions, the company said.