Improved operational and financial stability
Last week, Transcom reported financial results for the fourth quarter and full-year 2013. We continue to focus hard on enhancing our performance. I am happy with the results we achieved last year in terms of improving the company’s operational and financial stability, while also growing our top-line by 7.9%. During the year, we resolved a number of short-term challenges that created uncertainty and also weighed on our results. For example, we signed a settlement agreement concerning our former French subsidiary, stopping the considerable losses generated there over the past several years. We also reached a satisfactory agreement with Italian tax authorities, resolving a tax dispute in that country. The fact that we are now generating stronger cash-flow is important and very positive. Our net debt decreased by €13.5 million compared to the third quarter. Our financial flexibility has also improved following the successful renegotiation of our existing Revolving Credit Facility, which was due to expire in October 2014. While we made good progress in 2013, there are a number of things we need to address in order to further improve profitability. One very important priority for 2014 is to improve results in North America, both through new business development and increased efficiency. Our primary objective is to create opportunities for profitable growth. Feel free to have a look at the presentation below, or contact me directly with any questions you may have.