Tiscali keeps on adding broadband subscribers

The Sardinia-based firm said that it had 470,000 ADSL customers at the end of June, an increase of 110,000 on the first quarter. Tiscali attracted an average of 8,000 new subscribers each week during the second quarter.

The strong broadband growth also offset slower growth in dial-up services, enabling the company to keep gross margin unchanged.

First half gross profit was EU216m, up 26% over the first six months in 2002, while EBITDA was EU33m, up from a loss of EU8.6m. Tiscali said that it has now been EBITDA positive for three consecutive quarters.

First half revenues were also up, jumping 17% on last year to EU429.7m, with internet access revenues accounting for 70% of the total.

In the light of these results, Tiscali has confirmed its full-year revenue target of 20% growth, and revised up its estimates for ADSL user numbers and profitability.

It now expects to have over 750,000 broadband customers by the end of the year, and positive free cash flow in the fourth quarter. The company also confirmed its target of reaching positive consolidated net profit in 2005, excluding any extraordinary items.



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