Vanco makes real profits from virtual networks

UK virtual network operator Vanco continues to go from strength to strength, posting healthy profits for the first half of 2004.

The company reported profits of £3.2m for the six month period ending 31 July - up 282 per cent on the same period last year. Revenue for the period was up 37 per cent to £48.1m.

The company has been growing rapidly through a number of major deals in recent months.

Vanco now boasts customers in 119 countries worldwide as of the end of the first half of fiscal 2004. This is up from 71 at the same point in 2003.

Professor Dr Thomas Wolf, non-executive chairman of Vanco, said: "We have added significant new global clients and increased our global footprint by nearly 70 per cent since a year ago."

Last week Vanco announced a major deal with German electronics giant Siemens. In recent months the company has also added new deals with SGS and SigmaKalon.