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KeyTech's Quarterly Report To Shareholders
Hamilton, Bermuda: 15th April 2005 - The Board of Directors of KeyTech Limited is pleased to declare a Common Share dividend of 15 cents per share for the fourth Quarter ending March 31st, 2005.
The 2004/05 fiscal year has been a very active one during which significant operational changes were made to better position the company for the future.
BTC undertook major organizational restructuring changes to better align their resources with the company goals of increased operating efficiency and improved customer service. As part of the process, forty long-term employees took advantage of Voluntary Separation and Early retirement packages. BTC has also made significant investments in the construction of a centralized call centre and in the training of staff, as part of the restructuring process.
Mobility has focused on improving its infrastructure to support growth. A new Billing system was installed, signal coverage around the island has been improved with 10 new cell sites, the number of Roaming partners increased to 125 in 82 countries, with GPRS roaming now available in the U.S, Canada, the U.K. and Hong Kong. The launch of V-Pay, the pre-pay product was highly successful and the Company is preparing to launch Corporate data services in the very near future.
Logic led the market in response to consumer demands for lower pricing. While this has lowered revenue projections for the short term, it was a strategic move that will better position the Company for the long-term. WestTel, the Internet business in Cayman, whilst temporarily set back by the ravages of hurricane Ivan, has now restored services to pre-hurricane levels and in May of this year will be launching corporate voice services.
The Bermuda Yellow Pages was awarded the Industry Excellence Silver Award for Directory Cover Design by the YPIMA (Yellow Pages Integrated Media Association) at their annual conference in March. This is the second consecutive year that BYP has received an International Award and we congratulate the team for their consistency in maintaining such high standards. This year's sales campaign while challenging has gone well and they are expected to exceed revenues of the prior year.
KeyTech's investment in QuoVadis has been mutually beneficial. BTC and Logic Limited have begun to capitalize on the synergies that exist between them in the areas of Security and Business Continuity Planning and their future looks very positive indeed.
The Company is expected to achieve the 2004/05 financial targets and with the many operational initiatives and systemic changes made, we remain optimistic about the future.
Signed by:
Sheila Manderson
Chief Executive Officer