French internet firm Wanadoo, whose European interests include leading British ISP Freeserve, has become the first European web service company to move into the black on a full year basis after posting net profits for 2002.

Wanadoo moved out of the red a year ahead of schedule with net income of €30 million ($32.7m; £20.7m), up from a loss of €193m in 2001. Revenues jumped 33% to €2.075 billion, while EBITDA (earnings before interest, tax, depreciation and amortization) surged from a €64m shortfall to €90m profits.

The company makes its cash from its telephone directory business, core profits at which climbed from €239m in 2001 to €289m last year. Meanwhile, losses from its internet portal and access services shrank from €290m to €166m.

Freeserve bucked the trend, however, posting a rise in losses from €74m to €92m.

Data sourced from: multiple sources; additional content by WARC staff