Thus still losing money - however you dice the figures

NEWS Thus has posted better than expected yearly results despite revising its accounting procedures. Profit before interest, tax, and debt amortisation (EBITDA) was £3.1m, significantly better than last year's loss of £24.6m. Though it is now EBITDA positive, Thus' pre-tax losses almost doubled, from £55m for the previous year to £104m for the year ending 31 March 2002. Thus said it has revised accounting procedures, and will no longer book income from leasing capacity on other carriers' networks as revenue. If it had calculated EBITDA in the old way, Thus would have made £19.8m - comfortably beating analysts' estimates of £11.2m. Data and telecoms turnover increased 39 per cent to £142.5m, with fourth quarter sales up 26 per cent to £42.8m compared with the previous quarter. Thus put this down to increased sales of voice and data services to existing customers and from the addition of new customers. Internet sales grew seven per cent year-on-year to £81.8m, with fourth quarter sales of £21.6m. This growth was driven by business service sales, up 36 per cent year-on-year to £37.6m, and 12 per cent to £10.8m in quarter four compared with quarter three. Today's results were Thus' first annual figures since it was spun out of Scottish Power.