In the latter part of 2018 we implemented an upgrade to the operating system at our Response Centre as part of our commitment to continuous improvement and, to provide a foundation for a more digital future. Unfortunately, this upgrade did result in an intermittent disruption to services to some of our customers. These issues have now been resolved, returning our service levels to the expected levels of service, which are audited and validated by the TSA. During this transition period, we endeavoured to keep all affected customers appraised of the situation and ensured appropriate corrective actions were taken to minimise any disruption and/or inconvenience.
The reference to Tunstall’s financial position is ill-informed. It refers to articles published some years ago, which were equally ill informed and is not representative of our operating position as a business. Charterhouse’s funding of Tunstall is by way of extremely long-term loan notes, not repayable until 2098, demonstrating the long-term support Tunstall enjoys from Charterhouse and its other shareholders.
Tunstall has delivered a strong FY18, with revenues of £208m, after exclusion of the recently sold US division, up by £2m over the prior year. FY18 EBITDA of £47m contributed to strong cashflows before debt servicing, and a closing cash balance for the year of over £22m. 1st Quarter performance in FY19 has been equally impressive, with GBP 53.1m turnover (again excluding the US), representing a 3% growth on a year-on-year basis, and an EBITDA uplift of 8% YoY.
Tunstall is a long-established organisation and we will continue to invest in developing innovative, market leading solutions and working in partnership with our customers to help them maximise the transformational opportunities presented by the digital switchover.