PLASSEY-based telecoms company e|net has posted impressive financial results showing revenue grew by over 20 per cent for the seventh consecutive year while after-tax profits grew by 70 per cent.
The private company manages the State’s fibre-optic Metropolitan Area Networks (MANs) around more than 90 cities and towns - and includes all the major broadband providers apart from Eircom among its customers. e|net also connects individual businesses to the MANs.
The company employs 51 people and earlier this year announced €25 million expansion plans that will see 50 new jobs created, including 20 in Limerick.
Over the past year it has hired nine staff locally in technical, sales and back office roles. Local businessman Michael Tiernan holds a significant stake in the business.
Commenting on its results for the year ending April 2011, e|net chief executive Conal Henry said “we have certainly had a better year than we expected, even though we were planning for growth”.
“Much of that is down to the good work done by our team in Limerick in meeting growing demand from our customers. And we saw huge growth on the likes of Imagine and Vodafone,” Mr Henry said.
The amount of data carried on e|net’s networks had almost doubled over the course of the 12 months. This was not just down to the growth in smartphones and wireless devices but web traffic in general.
“Anybody thinking about their own activity will see a huge difference in the amount of transactions and time they are spending on-line now than they were only 12 months ago,” Mr Henry said.