London, UNITED KINGDOM - 11 November 2010 - euNetworks Group Limited (SGX: H23.SI), announced total revenues for the third quarter of €10.3 million, up 40% from 3Q 2009 and 11% on 2Q 2010. The Group achieved €9.1 million in recurring revenues in the quarter, up 24% from 3Q 2009, with €1.2 million of one offs. Gross profit for the quarter increased by 38% year on year to €8.0 million, and by 7% on the preceding quarter. Gross margin dropped slightly to 77% in the quarter from 80% in 2Q 2010. This was largely due to the timing of costs associated with the setting up of new euTrade routes in advance of taking on revenue and also certain one-off costs relating to Internet Protocol (IP) Transit. The Company continued to carefully manage costs while growing revenues, achieving positive Adjusted EBITDA1 of €0.8 million for the quarter.

(for the full story please download the PDF below)

PRINTER FRIENDLY VERSION