Demand for wireless connectivity boosts Metronet
SUPER-fast internet company Metronet (UK) has hailed a “fantastic” year – its 10th in business – as sales and earnings soared amid growing demand for wireless connectivity.
The Manchester company, which took private equity investment from LDC 18 months ago, said it had reached a milestone in its current financial year of £1m of recurring revenue in a month.
For the financial year March 31, the Manchester Science Park-based business increased turnover by almost a third from £5.9m to £7.8m. EBITDA grew by 40% to £2.9m over the same period.
Revenue is expected to surge to £11.5m in the year to March 14, while growth in profits is expected too.
Chief executive Elliott Mueller said: “This year has been a fantastic year for Metronet (UK). We have had strong organic growth and have succeeded in going above and beyond our targets. The company is still growing every day with plans to expand both our sales and support teams.”
Launched in 2003, Metronet (UK) is a fast-growing hybrid wireless and fibre internet service provider that counts Laing O’Rourke, Umbro and Greater Manchester Police Authority among its clients.
The company provides business critical data infrastructure to more than 1,000 UK customers, including 25% of Manchester’s top 500 firms. Services include high speed data connectivity, managed networking services and managed security.
Mr Mueller added: “Combined with the ever increasing demand for improved access to the cloud, our commitment to delivering market leading service in supporting the increasingly complex connectivity needs of our customers has been the driving force behind the growth in our network, which spans the North West, West Yorkshire and the Midlands.
“We are on track to match our current growth rate in 2013/14, which will be fuelled by additional investment in our infrastructure and the expansion of coverage for data-dependent businesses across the UK.”
Since the £11m investment by LDC staff numbers have doubled to 75, while its hybrid wireless and fibre internet service has expanded too.
