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Final Results For Year Ended 31 March 2008
Endace Limited ("Endace", "the Group" or "the Company") (LSE/AIM: EDA), a world leader in network monitoring, latency measurement and application acceleration solutions, is pleased to announce its audited final results for the year ended 31 March 2008. All amounts are stated in US$.
- Revenue increased by 42% to $24.2m (2007: $17.0m).
- Gross margins were 71% (2007: 72%).
- Profit before tax rose by 15% to $4.5m (2007: $3.9m). Excluding a one-off provision, profits would have increased by 25%.
- Basic earnings per share increased 29% to US cents 23.1 (2007: US cents 17.8). Adjusted, fully diluted earnings per share increased 25% to US cents 22.1 (2007: US cents 17.7) (see Finance Director's Report).
- Net cash at the year end was $3.5m (2007: $3.5m) after significant investment costs including an acquisition.
- NinjaProbeTM appliance products launched successfully at the start of the year and rapidly gained traction in the market.
- $2m contract to supply the industry's first InfiniBand(TM) monitoring probe to a leading US-based financial service provider.
- Growth achieved in all geographic regions with strong growth in the Americas and EMEA.
- Good progress at the half-way stage in a two-year investment programme to create an organisation capable of sustained high growth.
- Successful acquisition of Applied Watch Technologies.
Commenting on the results, Endace's Chief Executive Officer, Mike Riley, said:
"We have made excellent progress over the past year, both in terms of developing the scale of the business and achieving our planned targets for revenue and profits. We are well positioned to benefit from a market which is growing strongly and which now regards high speed network monitoring technologies as essential enablers in the drive for improved network security, compliance and performance."
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