Rising customer numbers and lower costs have helped telecoms firm Thus to more than halve its losses. The company reported a loss of �25m ($44m) for the year to 31 March, down from a �58.8m loss in 2003.
Chief executive William Allan said the firm was on target to record an operating profit in the second half of the current financial year.
Thus also announced that chairman Roy Brown is to retire this year and that a search for his successor is underway.
Net gains
Turnover at the firm grew by 14% to �332.4m.
Thus said it had signed new contracts with Tele2 and Southern Water during the second half of the year, adding to its deals with radio group GWR Group and Virgin Group in the first six months.
The firm's Demon internet business saw its turnover climb 10% to �99.1m, and the number of its broadband customers rise to more than 96,000.
Thus said revenue from its broadband DSL portfolio now exceeded revenue from its dial-up customer base.
The company was founded by Scottish Power in 1994, and floated in 1999 before being fully demerged in 2002.
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