Irish fibre carrier hits €10.4m in H1

14 Aug 2007

Noel Meaney’s Global Voice which trades as euNetworks in Europe and owns high capacity fibre networks and data centres across the continent has amassed revenues of €10.4m for the first half of 2007, resulting in profits of €1.4m.

The Singapore Stock Exchange-listed company which Meaney started after leading a management buyout of data centre firm Metromedia in 2002, attracted 34 new customers and 113 separate new lease agreements in the six months.

Meaney said that in the half-year the company managed to consolidate and expand its position in the fast-growing European networking and digital infrastructure market.

“With the successful rollout of our Next Generation Network across Europe, the launch of the truly innovative Euro-one network alliance, and a strong sales pipeline, we are very well positioned to continue to accelerate revenue and profitability growth,” said Meaney.

Global Voice leases and sells mission-critical fibre infrastructure and associated services to Europe’s largest corporate, carriers, and service providers.

Total revenues for the first six months of 2007 were €10.4m, compared to €14.8m in the same period last year.

When non-recurring infrastructure sales and revenues from discontinued operations are eliminated, there was a 20pc increase in recurring revenues over the equivalent first half 2006.

Acquisitions amounting to €3.3m in the first half of 2007 grew 110pc over the same period in 2006, reflecting higher sales-led/customer-led connections, as well as additional outlay in relation to the ramp up of Global Voice’s new Amsterdam data centre.

In the first six months of 2007, Global Voice completed agreements with 34 new customers, a 65pc increase over the same period in 2006, and signed €11.2m in new recurring contracts, a 60pc increase on last year.

In total, 113 separate agreements were completed in the first half of 2007, an increase sequentially of 34pc over the last six months of 2006.

In addition to higher deal flow, the average contract deal size grew 9pc sequentially over second half 2006. Given the long-term recurring model of Global Voice, these deals will contribute to revenues out as far as 2010, the company said.

By John Kennedy