Intec reports wider loss

Billing firm Intec Telecom has widened its loss for the year, despite boost in both revenue and EBIDTA margin.

The company announced a loss per share of 2.55 pounds, down from 2.06 pounds last year. Revenue was 8% higher at 124.5 million pounds ($259 million) and EBITDA rose 119% to 14.7 million pounds.

Chairman and interim CEO John Hughes said the year had been one of improving financial performance and rebuilding for future growth. '2008 will see further efforts to progress margins, grow the top line and improve cash conversion as we seek to drive increasing shareholder value,' he said.

The company said an announcement on a new CEO was imminent. It has been searching for a replacement for former chief Kevin Adams, who departed the company in February.