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Esat BT may shed 20 jobs in bid for positive earnings result

molinaalexis · 2003-02-27 19:31:17

TELCO Esat BT is currently looking at shedding up to 20 jobs, including two senior management positions, ahead of its new financial year which starts in April. The Irish Independent has learned that the jobs will be spread across all departments at the company, and could mean losses of one or two people at each of its…

27-02-2003 7:31pm

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molinaalexis

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TELCO Esat BT is currently looking at shedding up to 20 jobs, including two senior management positions, ahead of its new financial year which starts in April.

The Irish Independent has learned that the jobs will be spread across all departments at the company, and could mean losses of one or two people at each of its divisions.

Esat BT also has a March 2003 deadline looming where the company must be earnings before interest tax and depreciation (EBITDA) positive, and a spokesperson for the company said that the deadline will be met.

It is believed that the losses, which are less than the industry had previously expected, will help the company's financial situation ahead of the March date.

Despite the expected losses, the company is also hiring people at the moment. It currently employs about 900 people following on from a strict rationalisation programme last year when chief executive Bill Murphy took over the reins.

According to the most recent figures for the second quarter ended September 2002, Esat BT was EBITDA positive to the tune of €2.1m, compared to a negative €7.6m in the same period of 2001.

Turnover was €59.4m in the quarter ended September, compared with a figure of €69.3m in the same period the previous year.

The former Esat business was bought by BT from Denis O'Brien for $2.5bn at the peak of the telecommunications boom.

Ailish O'Hora

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