Brady Rafuse, CEO, euNetworks
"The momentum we saw in our business in 4Q 2011 has continued through the 1Q 2012."
London - Bandwidth infrastructure provider euNetworks Group said first-quarter revenues more than doubled from a year earlier, thanks in part to acquisitions but also due to generally strong sales growth.
The Singapore-listed company, which owns and operates 13 fibre based metropolitan networks across Europe, said it gained 29 new customers in the quarter, with 92% of new sales being for network services.
"euNetworks saw increased orders from enterprise customers across all regions for Ethernet and Internet products. Colocation was behind plan, but the funnel for this product grew significantly in the quarter," the company said.
"The momentum we saw in our business in 4Q 2011 has continued through the 1Q 2012," said Chief Executive Officer Brady Rafuse in a statement. "Integration programmes and synergies delivered from the acquisitions made last year, continue to drive further value into our business."
Rafuse said the company exited 2011 with a strong sales funnel and has converted that to strong sales performance this quarter. "Bandwidth is a key enabler of our customers' growth plans, and our business plan and assets are aligned to this."
Revenues of totaled €23 million in the quarter, up 119% from a year earlier. Earnings before interest rates, tax, depreciation and amortisation totaled 2.1 million.