ICT services provider Econocom Group reported its final results for the first half, confirming the fall in recurring operating profit to EUR 34.2 million from 58 million and revenues up 12.8 percent to EUR 1.319 billion, according Telecompaper. The company did say that all group activities registered organic growth. In line with its earlier profit warning, Econocom said it expects a full year recurring operating profit of EUR 120 million, supported by the action and transformation plans launched over the past 12 months.
The group plans to generate EUR 10 million worth of gross savings in the second half, including EUR 3.5 million in central functions and EUR 6.5 million in operational divisions. Finally, cash management improvement initiatives underway should allow the group to reduce its working capital requirements for the year, excluding TM&F/EDFL investments.
CEO Robert Bouchard said the company is laying the foundations of profitable growth for the coming years, focusing on the end users of its services and its ability to deliver end-to-end digital systems.
