Telecity has delivered a characteristically strong set of full-year results this morning. The company’s shares are up just a fraction (0.3%) in trading so far today.
2011 revenue was up 22% at £239.8m. EBITDA rose by 27% to take the EBITDA margin to 44.3%, compared to 42.5% in 2010. PBT was up 29% at £59.4m.
It’s hard to argue with numbers like those. Even if we take out the handful of acquisitions Telecity has made in the past couple of years (see for example Telecity rounds off strong H1 with Irish acquisition, organic growth would still be well into the teens. Meanwhile the margin enhancement underscores Telecity’s ability to fill its growing capacity and to maintain pricing. That’s thanks both to strong demand (think of all that lovely, low-latency video traffic and the hosting space/power and connectivity it requires) and Telecity’s positioning to deliver in high-demand areas like central London where capacity remains scarce. Indeed, the company’s revenue per occupied square metre – a key metric for a co-lo player – rose during the year by 6%.
We’ll have more comment and analysis for HotViewsExtra readers once we’ve had a chance to digest this morning’s call with Telecity CEO Mike Tobin.