Mitel reports full-year loss after writedown


Mitel reports full-year loss after writedown

Alex Scroxton

Unified communications vendor Mitel has reported a full-year net loss of $193.7m (£120.7m) after booking a non-cash goodwill write-down of close to $290m and a separate $23m charge relating to restructuring activities.

In spite of the bad news the firm's management is looking on the bright side; full-year sales climbed 6.2% to $735.1m, although this growth was largely driven by the US market.

CEO Don Smith said that the firm had taken steps to make sure it remained strong during the current recessionary climate, and believed this was paying off, adding: "Our market share growth and industry position is a testament to the strength and commitment of our team."

CFO Steve Spooner added: "Mitel continues to demonstrate its strength in the market with a solid five-year growth trend in both revenues and EBITDA."

The Canada-based vendor hit the headlines the other week after its well-respected UK sales director, Enda Kenneally, stepped down after a management reshuffle that handed EMEA boss Graham Bevington the reigns.

Join the conversation Comment



    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.