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euNetworks Reports 46 Percent Increase

April 16, 2009 by  

Web Hosting ToolsDublin, Ireland – 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, euNetworks is favourably positioned with a platform to further extend its network reach and on-demand portfolio across Europe.

For further information please visit www.euNetworks.com.

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