euNetworks Reports 26% Revenue Rise to EUR 21.7M
Commented Noel Meaney, Executive Chairman, “Our revenue is starting to consistently improve quarter-to-quarter. Our strategy of securing long-term recurring revenue contracts is working well for us. During the third quarter, euNetworks’ new business performance significantly accelerated, the cumulative value of contract signed in the quarter was in excess of 80% greater than the third quarter of last year, and was the best ever quarter for us.”
Following the successful completion of a fund raising exercise, the Group bought back some EUR 43.8 million worth of Convertible Bonds in the second quarter of 2009. As the bonds were re-purchased at a significant discount to its face value, the Group recorded an exceptional gain of EUR 6.96 million. Taking this non-recurring gain into consideration, the Group reported a substantially smaller net loss of EUR 4 million in 9M09, as compared to a net loss of EUR 10.0 million in 9M08.
Significant Milestones in Q309
Chi-Tech: A Significant New Contract Win in Q3
One of the largest deals signed in quarter three 2009 was with Chi-Tech, a leading provider of cost-effective, high-performance, end-to-end trading technology, infrastructure and services. Specifically, euNetworks will design, implement and manage an ultra-low latency connection, delivering up to 100 Gbps of connectivity to power Chi-Tech’s MarketPrizm’s business – a European one-stop platform for electronic trading. This service with Chi-Tech will link 19 markets throughout France, Germany, the UK and the Netherlands, as well as in North America and Southern Europe via several network partners.
Strategic Appointments to Strengthen Executive Leadership Team
During the quarter, euNetworks boosted its management team with the recruitment of Mr Uwe Nicki as Chief Marketing Officer and Ms Claire Leake as Head of Human Resources. Both highly experienced veterans in their respective fields, the Group believes that the addition of Mr Nicki and Ms Leake will serve to strengthen its executive leadership team and help in driving further growth and corporate development going forward.
For the rest of the year, the Group expects macroeconomic conditions to continue to be challenging for the telecommunications sector in Europe. Due to budget constraints in both the enterprise and wholesale markets, the Group continues to see longer sales cycles and further price compression particularly in the long haul market.
Nonetheless, the Group is seeing an increase in demand from enterprise customers for flexible and complete solutions from dark fibre to managed bandwidth, across the euNetworks’ metropolitan networks. This augurs well for the Group as not all incumbent telecommunication companies can, or are willing to offer such solutions.
Said Mr Brady Rafuse, CEO of euNetworks, “We believe that as the telecommunications industry continues to see growing bandwidth demand, our fibre-rich facilities based infrastructure will continue to be a significant asset for the Group. With demand for our services continuing to grow, euNetworks is well positioned to gain further traction and market share.”
euNEtworks Group Limited is Europe's foremost provider of mission-critical, high performance networking solutions, which exclusively serves large financial and media enterprises, as well as information carriers and service providers. The Group's 15 metropolitan networks across major European cities are connected by a fully owend, billion-Euro, all-optical network and high-capacity backbone. This allows the Group to deliver a new level of freedom and superior performance. euNetworks' networks are also pre-provisioned with multiple terabits of capacity which are scalable and allows the Group to deliver on-demand solutions and connectivity within days. euNetworks is headquartered in London and publicly listed on the Singapore Stock Exchange (SGX: H23.SI). For further information please visit www.euNetworks.com.
15 Old Bailey
London, EC4M 7EF
euNetworks Media Contact:
Cristene van Jaarsveld
Tel: +44 203 178 8681
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