Radianz, the financial extranet at the centre of ongoing negotiations between parent Reuters and prospective buyer BT, is reporting full year Ebitda of $40m, compared to a loss of $6m in 2003.
The company says cash flow from operations totalled $36m in 2004, compared to a net decrease of $24m in 2003. The firm has also reduced net losses on a GAAP basis from $90m in 2003 to $6m in 2004.
Revenues from its shared infrastructure increased 16% over 2003 to $300m.
Commenting on the results, Howard Edelstein, president and CEO, Radianz, says: "In a single year we have achieved a $60 million cash flow turnaround in our business, putting the company on sound financial footing."
The firm says total monthly services accessed via its network reached a record 30,900 last year, reflecting a compound annual growth rate of more than 400% over the past three years. The number of service providers available through the Radianz shared market infrastructure reached 150, up 30% over year-end 2003.
Reuters confirmed plans to sell Radianz to BT in November last year. The news and information group said it would pay joint venture partner Equant $110m in cash to buy the 49% stake in Radianz it didn't own, as a pre-requisite to the sale. BT is expected to complete the sale in the first quarter of the year.