European metro fiber operator [company id=”h23″] closed the books on 2010 with their earnings report today, showing strong sequential progress comparable to its larger US cousins. The European metro market is a different place, with fewer independent operators that span national boundaries and lagging the US in development overall. They also restated some items,here’s a quick table of their quarterly progress in 2010:
| € in millions | Q4/09 | Q1/10 | Q2/10 | Q3/10 | Q4/10 |
|---|---|---|---|---|---|
| – recurring | 8.4 | 8.2 | 10.2 | 9.9 | 10.9 |
| – non-recurring | 0.8 | 0.6 | 0 | 1.2 | 2.8 |
| Revenue | 9.2 | 8.8 | 10.2 | 11.1 | 13.7 |
| Adj EBITDA | -1.2 | -1.6 | -1.9 | 0.8 | 1.8 |
| Adj EBITDA margin | -13% | -18% | -18% | 8% | 13% |
| Capital Expenditures | 5.5 | 2.3 | 3.4 | 4.5 | 5.2 |
Revenue: Network services revenue for all of 2010 was €30.4M, up over 50% from 2010, while the company’s data center segment fell €0.1M to €13.4M. The overall revenue trend has been steadily up since the beginning of the year. Given capex trends, that seems likely to continue.
EBITDA: Margins remained in positive territory, rising to +13%, helped along by the scale that comes with revenue growth. Still a long way to climb though to match similar assets on this side of the Atlantic.
On-net Buildings: euNetworks finished the year with 365 buildings on-net, up 93 for the year, with another 58 in progress. Most of those buildings are in London and Frankfurt, but the other markets are starting to contribute as well.
Categories: Financials · Metro fiber
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