e|net has today published exceptionally strong financial results for the year to 30th April 2010.
The company posted turnover of €13.9 million for the year, completing its sixth consecutive year of double digit revenue growth. Revenue is up from €9.3 million in the previous financial year and signals full year revenue growth of 49%, defying a 10% decline in the overall national telecoms market. e|net has now delivered a compound annual growth rate in revenue of 87% over the past five years.
Significantly, the company has also posted its first full year profit of €1.7 million after tax, compared to a loss of €0.9 million in the previous year.
Referring to the strong financial performance, e|net CEO, Conal Henry, said, “e|net’s performance in 2009/10 reflects a return on our long term investment in an open-access network. By posting a 49% revenue growth and a €2.6m year on year improvement in profitability, we have demonstrated that networks can be operated in a way that is both economic and policy supportive. The future is open -access and e|net has now proven that it has the ability to deliver policy and profit in such an environment.”
The current financial year will see e|net operating both Phase 1 and Phase 2 of the MAN project and the company is aiming for yet another year of double digit revenue growth and increased profitability.
e|net currently employs 40 staff and partners with leading telecoms service providers such as BT, Vodafone, Magnet and UPC among others.