Endace to report big jump in revenueOctober 12 - 11am
Kiwi-born network company Endace expects to report a healthy increase in revenue when it publishes its half-yearly report next month, according to a statement issued by the company.
Revenues for the six months to September 30 have risen 37% from the previous year, to US$18.6 million.
Profit before tax and adjusted for share option costs will be around US$0.2 million, and the company has cash balances of US$2.6 million.
Endace CEO Mike Riley says in the statement that he is delighted with the company’s performance.
“Sales of systems continue to lead our revenue mix,” Riley says, “and the associated annuity income has become a material component of our revenues and contributor to strengthening margins.
“We are seeing increased momentum in our business. Our pipeline is excellent and we remain confident of meeting expectations for the year.”
Endace was launched in 2001, and although the company has offices around the world, it is still headquartered in Auckland, and runs an R & D facility in Hamilton.
The company’s full half-yearly results will be announced on November 1.