EUNETWORKS, THE Singapore-listed but Irish-managed operator of fibre-optic networks around Europe, has reported revenues for the first quarter were €7.08 million, a 42 per cent rise on the same period in 2008.
The company said it broke even at the earnings before interest, depreciation, tax and amortisation (Ebidta) level, compared to an an Ebidta loss of €800,000 for the first quarter last year.
EUNetworks owns fibre-optic networks in 15 cities around Europe which were built out by MetroMedia Fibre Networks in the early years of the decade at a cost of €1 billion. EUNetworks acquired the assets in 2002 when MMFN filed for bankruptcy.
Noel Meaney, founder and executive chairman of the firm, described the first quarter as “a major watershed” for EUNetworks.
“We have achieved a number of significant milestones which transformed the company to a robust, financially lean organisation with a solid shareholder base and new key management,” said Mr Meaney.
A successful rights issue netted the firm $92 million which was used to redeem a number of bonds that EUNetworks had raised.
Columbia Capital, which owns Magnet Networks in the Republic, also invested in the firm.
During the quarter a total of 49 new recurring revenue contracts were signed. Nine of these were with new customers.
Last month EUNetworks changed the name of its listed entity from Global Voice Group to EUNetworks Group Limited.
Although headquartered in Frankfurt and listed in Sydney, the firm is primarily run by an Irish management team.
