Last year was a mixed one for the Newbury-based integrator, as revenue continued on a strong upward curve, but heavy interest repayments meant that the VAR continues to run at a net loss.
UK sales in 2011 grew more than a quarter to £306.15m, with overseas revenue adding almost £90m to the top line. Group operating profit stood at a little over £20m, but this was entirely wiped out by interest repayments.
Additional restructuring costs and losses on discontinued operations meant 2e2 swallowed a net loss of £8.4m, down from £9m in 2010.
Last year saw some landmark announcements from the integrator, including the launch of a comms and IT outsourcing joint venture with mobile carrier O2. Discussions are already underway to explore an extension of the partnership beyond its initial five-year term.
Last year also saw 2e2 kick on with its offshoring strategy, working with Indian firms Patni and MindTtree. The VAR also won its biggest-ever deal, sealing a contract worth £35m with an unnamed public sector body.
Infrastructure provider says international sales now make up 51 per cent of its revenue
Suzanne Chappell of TMS plans sailing venture after selling Oxfordshire-based TMS to acquisitive Chess
Withdrawal of credit insurance by some providers a 'reflection' of current challenge facing IT sector, according to MD Steve Soper
SMART's UK managing director joins Lenovo to boost SMB business