European IT and telecoms funder Econocom has exceeded
expectations with a 55% increase in revenue in
The France-based IT management business posted
annual consolidated revenue of €1,580bn compared to €1,021bn in
2010, ahead of the company’s stated target of €1.4bn.
In a statement before publication of its full
annual results on 7 March 2011, the company attributed the revenue
growth to lively sales activity throughout the year and to the
integration of ECS, the former Société Générale subsidiary acquired
in October 2010.
The statement said Econocom’s leasing
business, IT Financial Services, particularly benefited from ECS
contribution and performed ahead of expectations.
Geographically, the Benelux region which
represents 24% of Econocom’s revenue, and the UK, 4.5%, performed
best with both areas posting double-digit growth.
Econocom said its business in France, which
accounts for nearly 50% of its consolidated revenue, performed well
despite the operational costs of integration with ECS and added its
Southern and Eastern European operations managed to withstand the
difficult economic climate.
The company added it expects to exceed
its initial target for operating profit of