euNetworks reports remarkable 46% surge in recurring revenue for 2008

•46% year-on-year growth in recurring revenue
•Adjusted EBITDA profit of €1.6 million (up from €1.5 loss 2007)
•Growth driven by network investment, and ‘on-demand’ service provisioning capabilities
•Over 95% renewal rate for existing customers
•34% increase in new customers signed
•Brady Rafuse appointed as CEO designate
•Continued capital investment in all-optical network infrastructure and ‘on-demand’ product offerings

Dublin, Ireland – 16 April 2009 – euNetworks, (SGX: H23.SI), Europe’s foremost provider of mission-critical, high-performance networking solutions, announced exceptionally strong growth in recurring revenues for the year ended 31 December 2008 and the appointment of Brady Rafuse as new CEO designate.

Recurring revenue for 2008 was €23.9 million, a staggering 46% increase from 2007. euNetworks recorded an adjusted EBITDA profit of €1.6 million compared to an EBITDA loss of €1.5 million for 2007. In 2008 euNetworks secured new recurring revenue agreements totalling more than €34 million, with over 95% of existing agreements being renewed and extended. In addition, 34% more new customers were signed than the previous year.

In 2008, euNetworks invested €13.4 million to build a new London network, expand the Düsseldorf and Munich metropolitan fibre networks, and built a new extreme-capacity DWDM network backbone, connecting six of its German metropolitan networks. In the process the existing European network capacity has been doubled and an ‘on-demand’ high performance Ethernet platform launched, connecting over 100 datacentres and major stock exchanges across Europe. In Holland significant expansion was undertaken of the existing datacentre facilities.

Brady Rafuse, appointed as the new CEO designate, has over 20 years experience in the telecoms industry. He recently managed Level 3 in Europe, with responsibility for Level 3’s content delivery business.

Noel Meaney, Executive Chairman of euNetworks, commented: “In 2008 we invested our capital wisely by focussing our energy investing in the right place, at the right time. We strategically established our network in new markets while expanding our existing pan-European network reach. We also revolutionised the industry by developing industry firsts such as our euFreedom solution, where customers can expect on-demand delivery of Gigabit Ethernet within days, and not weeks - unlike traditional Telcos. Building on our 2008 successes, the appointment of Brady Rafuse as CEO, with his wealth of knowledge and experience, will be very important to euNetworks as we enter a new period of growth”

With the investments made in 2008, and the recent appointment of a new CEO, Brady Rafuse (view release), euNetworks is favourably positioned with a platform to further extend its network reach and on-demand portfolio across Europe.

About euNetworks
•Our €1bn all-optical network delivers a new level of freedom and performance.
•We exclusively offer high-performance networking and specialise in solutions for high performance businesses in the Finance and Media sectors, and Carriers / Service Provider markets.
•We own 15 metropolitan networks throughout Europe, connected with a high-capacity backbone.
•Because we own the network, we deliver superior performance that we contractually guarantee.
•Our Carrier Grade services are massively scalable and delivered on-demand, in days not weeks.
•euNetworks, a member of the Global Voice Group, is headquartered in Frankfurt and publicly listed on the Singapore stock exchange (SGX: H23.SI).
•euNetworks is initiator and a member of euro-one, a unique collaboration of fibre optic network providers to deliver infrastructure and next generation networking solutions connecting Eastern, Central, Western Europe and North America (www.euro-one.com).

For further information please visit www.euNetworks.com.

euNetworks Press Contact:
euNetworks Fibre UK Ltd
15 Old Baily
London
EC4M 7EF
United Kingdom
Ms. Cristene van Jaarsveld
Marketing Executive
Tel: +44 203 3178 8681
Email: marketing@euNetworks.com

This release was published on openPR.