French telecoms and IT funder
Econocom enjoyed a solid eight% increase in profit after tax to
€20.3m in the year to 31 December 2009, its consolidated results
show.
The company also increased
its turnover by 5.9% to €759.3m in 2009, up from €716.9m in 2008.
It recorded a nine% growth in business in the last six months of
2009.
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Its management report,
included in its financial statements for 2009, said: “This growth
was particularly spurred by the success of asset financing and
management solutions that turned out to perfectly match the needs
of companies given the difficult economic climate of
2009.
“At the same time, the
group’s other businesses performed remarkably well by outperforming
their respective markets. In the last 18 months, each of them
signed the largest contracts ever recorded in the
group.”
Econocom’s operating profit
also rose, up 14.8% to €28.7m in 2009, compared to €25m in
2008.
This was attributed to “tight
control kept on costs”, including a 2.2% decrease in staff numbers
between 2008 and 2009.
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By GlobalDataIts IT Financial Services
business performed particularly well, with a 17% increase in
revenue, up to €421m.
The company’s consolidated
revenue for the first half of 2010 was €361.3m.
“driven by the success of the
group’s enterprise solutions, to which all businesses contributed”,
the first half report said.
Recurring operating profit was also up, climbing 16.3% to
€10.7m in the first half of 2010. Econocom further strengthened its
position in 2010 with the acquisition of IT lessor and former
Société Générale subsidiary ECS.
