Enable Networks Reports Significant Revenue Growth
Christchurch-based fibre company Enable Networks, recent winners of the Champion Canterbury Business ‘Service’ Award, has produced revenue growth 170% ahead of budget, thanks to significant customer connections, it reported at its AGM today.
Enable Networks Chief Executive Steve Fuller says its local contractors have worked tirelessly to rapidly expand the fibre network to meet its goal of reaching 85 per cent of Christchurch businesses.
“Enable Networks’ world-class fibre-optic broadband infrastructure is fundamental to long-term economic growth in the region,” he says. “After just two years of operation we already have the largest open access fibre network in Christchurch.
“Demand for our service has exceeded our expectations and resulted in significant customer connections - and we expect this to continue to grow. This continued customer growth clearly demonstrates to us the value we are adding to our re-selling partners and their business customers,” he added.
Enable Networks recorded a Net Profit After Tax of $1.365 million for the year to 30 June 2009, compared with a loss of $306,000 in the previous financial year. Growth in year on year revenue from continued operations was 250 per cent.
“We are very pleased with our financial performance given the current economic climate,” says Steve Fuller. “We expect our financial position to continue to grow in the wake of the launch of new products and services in June and the ever increasing number of service partners and re-sellers using our network.
“A large number of schools are already connected, or about to be connected, to our network at a speed of 1,000 Megabits per second, up to 2,000 times faster than traditional networks. This is bringing advanced learning and virtual classrooms a step closer to reality in Christchurch.
“We will continue to work with our business partners and contractors to expand the fibre network in Christchurch, with the goal of transforming the telecommunications and IT landscape,” added Steve Fuller.
Enable Networks Background
Enable Networks is a wholly owned subsidiary of the Christchurch City Council. Its goal is to provide an ultra-fast fibre optic network of up to 100 megabits per second in Christchurch.
Enable Networks has committed to a $36million dollar investment to expand the ultra-fast fibre optic network. Many local businesses, as well as health organisations and schools, already utilise Enable Networks’ world-class ultra-fast fibre optic cabling.
The $36million investment will expand the service to more than 85% of businesses in Christchurch over the next two years, making Christchurch a more attractive location for business.
Enable Networks is one of the few network providers in New Zealand that provides its fibre on an ‘open access’ basis. Any organisation can purchase the use of Enable Networks’ fibre on similar terms. This stimulates open competition and innovation.
In essence, it is Enable Networks’ business to provide communication and IT service providers with the fast infrastructure they need to deliver value-added services to Christchurch businesses.