Newly named WebCentral says Q1 results pleasing

Stan Beer
Wednesday, 03 November 2004 02:43

IT Industry - Development

FTR Holdings Limited (ASX:FTR) has changed its name to WebCentral Group Limited. Effective today, the new ASX code for the company is ASX:WCG.  The name change follows the passing of a resolution by shareholders at the company's Annual General Meeting and signals the successful integration of the recently acquired WebCentral Pty Ltd.

The WebCentral Group now has two principal operations - Australia's largest web and application hosting company, WebCentral, and leading global digital recording specialist, For the Record, which is based in the US.

'Renaming FTR Holdings to WebCentral Group is evidence of the Board's confidence in the value that owning 100% of WebCentral will bring to our company and our shareholders.  We are excited about leveraging WebCentral's strong brand in the ICT industry to drive revenue growth and improve shareholder value,' commented WebCentral Group Chair, Lucy Turnbull.

WebCentral Group CEO, Andrew Spicer, said 'Owning 100% of WebCentral will have a significant impact on the Group's results this year. For the first time we will be able to consolidate the hosting operation's revenue and profit, whereas previously only 49.4% of WebCentral's profit was included in the Group's results due to equity accounting treatment. We have already seen very pleasing first quarter results for the WebCentral Group, which are in line with expectations.'