Christchurch-based Enable Networks has announced an after tax profit growth of 235% compared to normalised profit in the previous year. The figure was announced at the company’s annual general meeting on Tuesday. Enable recorded a net profit after tax of $448,000 in its third year in business, compared with a normalised profit of $192,000 in the previous year. The company says that the growth was driven by increasing demand from customers and channel partners, as well as extensive coverage and new products.
According to Enable Networks’ CEO Steve Fuller, revenue growth remains the focus of the fibre optic company, along with the expansion of coverage to reach 85% of Christchurch businesses by 2011.
“During the first half of 2010 we delivered ultra fast fibre to 35 Christchurch schools with a further 53 contracted to connect, creating the largest and faster growing schools’ network in New Zealand,” explained Fuller adding that “the year ahead is about building on the current business to achieve a position of strength and determining the role Enable Networks can play in taking Ultra Fast Broadband to Christchurch homes.”
Enable Networks has submitted a proposal for the government’s Ultra Fast Broadband project.