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Telecommunications Vita Group aims for bigger bite of Apple market
Telecommunications Vita Group aims for bigger bite of Apple market | Vita Group aims for bigger bite of Apple market |
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| by Stuart Corner | |
| Tuesday, 26 August 2008 | |
  
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In contrast the Fone Zone arm of the business has been shrinking with the closure of six stores. This 'Fone Zone store optimisation programme' incurred one off EBIT charges of $3.1m in 2008. However the Fone Zone business still accounted for the bulk of the EBITDA, $14.2m, on revenues of $190m, down from $198m last year. The Next Byte business contributed $121m to revenues and $6.7m to EBITDA. The company said that Fone Zone had an "unacceptable number of poor-contributing stores," and that its strategy was to open new stores in targeted strategic locations and to relocate poorly located stores based on updated analysis. With the Next Byte business, Vita intends to "instil retail disciplines, fully integrate current stores and expand organically into targeted strategic locations." The company said that "a number of Vita operational, cultural, financial systems and processes have already been introduced and are producing positive results." However the acquistion of Next Byte has not been well received by the market. Vita's share price stood at $0.68 at the end of FY07 and at $0.23 at the end of FY08. |
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