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.
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