enet Posts 26% Revenue Growth And Boosts Profits By 70%
enet today published extremely strong results for the year to 30th April 2011.
The company posted turnover of €17.5 million, marking seven consecutive years of growth in excess of 20%. Revenue is up from €13.9 million in the previous financial year and signals full year revenue growth of 26%, defying general macro market conditions. Furthermore, the company has posted after tax profits of €2.9 million, compared to €1.7 million in the previous year.
The financial year reported on has seen consolidation and rationalisation of the company’s operator customer base. Additionally, the market for communications services is intensifying with other fixed line and wireless network providers actively targeting the high bandwidth wholesale market.
Referring to the notable performance, enet CEO, Conal Henry, said, “enet’s financial performance demonstrates that networks can be operated in a way that is both economic and policy supportive. The MANs and the enet offering have been successful in resolving the policy challenges of 2004 and have had a major impact on boosting the range, quality and competitiveness of communications solutions for business and homes in enabled towns. We believe that the PPP structure used for the MANs is the ideal mechanism through which the State can meet the policy challenges of 2011.” Henry went on to say, “The future is fibre, specifically open-access fibre. Over the long term enet seeks to have an increased presence at the heart of communications services in Ireland.”