MOSCOW. July 26 (Interfax) - The Akado Group of Companies increased its sales revenue by 8% year-on-year to 5.26 billion rubles in the first half of 2011, the company said in a statement.
Akado's EBITDA went up by 23% to 1.79 billion rubles while EBITDA margin increased from 29.7% to 34%.
The company expects a traditional increase in its financial results in the second half of 2011 owing to an autumn increase in service sales, as well as sales of integrated projects in the B2B-sector.
"The group's companies have continued to develop thanks to efforts for boosting operational efficiency. At the end of 2010 and the start of 2011, the management carried out a structural reorganization, boosted total sales to commercial clients, implemented a packet of marketing efforts to transfer subscribers from the low-revenue segment, as well as adjust the sales systems for the B2B sector," Akado's chairman of its board of directors, Vladimir Kremer, was quoted as saying in a statement.
Akado, formerly Renova Media, provides television, broadband Internet and telephone services to corporate and household clients on the company's fiber-optic network. It includes Akado-Stolitsa, Comcor and assets in St. Petersburg, Yekaterinburg and Minsk.
Companies controlled by Victor Vekselberg own 57.2% in Akado.
According to AC&M Consulting, Akado provided services to 729,600 clients in the first quarter (5% of the total client base in Russia).<<<