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VIRTUALISATION Engin performing better
VIRTUALISATION Engin performing better | Engin performing better |
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| by Stuart Corner | |
| Wednesday, 26 August 2009 | |
  
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The result means that the company has delivered on the promise made to shareholders at its 2008 AGM when chairman Ian Smith said the company expected to achieve cashflow and EBITDA breakeven on a monthly basis in the current financial year. In that address, he also talked up the company's marketing initiatives, saying "we have entered a new phase of marketing and promotion which includes substantial upgrades to our website, a greater focus on targeted online promotion and the refinement of our product and service offerings." In its half year report the company described marketing activities as being "much reduced." Its full year results show that Engiy spent just $970,00 on marketing for FY09, compared to $3.6m the previous year. It also slashed employee costs from $12.3m to $7.8m and operating expenses from percent5.8m to $4.0m. Commenting on the company's full year results, Smith said that the positive EBITDA and cashflow had "exceeded expectations." Engin's performance pales against that of MyNetFone (ASX: MNF). MyNetFone has yet to release its full year results but told the ASX last month that it had made cash receipts from customers of $10.96m for the year to 30 June 2009, a 46 percent increase over the previous year. It ended the year with cash reserves of $1.21m, a 41.5 percent increase over the previous year, and at 30 June had 74,000 customers in Australia, New Zealand and Asia, up from 60,000 a year earlier. The company said e it expected to post a full year net profit in the range of $100K to $150K.
This article first appeared in ExchangeDaily, iTWire's daily newsletter for telecommunications professionals. Register here for your free trial.
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