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Wanadoo Breaks Out Black Ink

News, 05 March 2003

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