Telecity on form so far

Data centre firm Telecity Group has confirmed its full year outlook after a good first quarter.

The company said it had delivered a good performance in the first three months of 2012 in terms of growth in revenue and earnings per share.

It said this had come despite the relative weakness of the euro and Swedish Krona, which together account for over half of the group's revenues.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Telecity said that during the period new capacity had been brought on-line across the group, adding 7MW of customer power and taking total available customer power up by over 10% since the year end to 75MW.

The company also reaffirmed that it was set to pay its inaugural dividend after its first half results.

Initially, it intends to pay out a ratio of around one-fifth of adjusted EPS and it will seek to grow annual dividends at least in line with earnings.

On that basis, had Telecity been paying dividends on its 2011 figures it would have paid out around 4.8p.

Chief Executive Michael Tobin said he was delighted with Telecity's performance to date in 2012.

"In particular, it is exciting to see new capacity coming on-line in prime locations which will enrich the group's position at the heart of the European digital economy and greatly enhance the Group in terms of scale and profitability," he said.