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15 February 2004
Scotland on Sunday
Dutch growth drives phone firm upturn

GROWTH in the Netherlands operations of Richard Emanuel’s mobile phone empire is driving a turnaround in its financial fortunes.

Interactive Telecom Solutions’ figures for the year ending next month are expected to show operating profits nudging £10m against a £2m loss last year when the group suffered a £1.7m goodwill write-off on an acquisition.

The former DX Communications tycoon said: 'I think sentiment is improving in the mobile market compared to a couple of years ago, and we are in a good position to benefit from that.'

The ITS group includes companies operating across the mobile phone market, such as in retail, repair and insurance, in the UK, Netherlands and Morocco.

It also has minority stakes in other companies.

Group turnover is expected to be around £75m to £80m in the current year, up from £62m last year when Emanuel described trading as 'mixed', and he also expects the business to be debt-free by the summer.

 

PERRY GOURLEY



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