European metro fiber operator euNetworks (SIN:H23, news) 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|
|Adj EBITDA margin||-13%||-18%||-18%||8%||13%|
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.
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