EKINOPS (Euronext Paris - FR0011466069 – EKI), a leading global supplier of telecommunications solutions for telecom operators, has published its consolidated revenue for 2018. OneAccess and its subsidiaries have been fully consolidated in the Group financial statements since October 1, 2017.
EKINOPS posted Q4 2018 consolidated revenue of €21.20 million, an increase of 9% from Q4 2017 (no change in consolidation scope between the two periods).
Full-year consolidated revenue thus amounted to €84.22 million, up 146% as reported.
On a pro forma basis, with the consolidation of OneAccess and its subsidiaries backdated to January 1, 2017, year-on-year growth came to 14% (vs 2017 pro forma revenue of €73.8 million), up 19% in the second half alone.
2018 revenue therefore exceeded the annual target raised from €80 million to €82 million in mid-September.
Business momentum in 2018 was particularly strong with major operators and service provider clients. Average growth for the Top 10 clients therefore amounted to 32% in 2018 (vs. 2017 on a pro forma basis), and 35% for Tier 1 operators in the Top 10.
The top ten clients, six of which are Tier 1 operators, therefore account for 62% of the Group’s business in 2018, up from 54% the previous year.
These excellent results reflect the strong interest for Ekinops’ technological solutions, at a time when network layers are converging and virtualized services and Software-Defined Networks (SDN) architectures are being deployed.
In geographical terms, France and EMEA (Europe excluding France, Middle East & Africa) are the Group’s core regions, accounting respectively for 42% and 37% of annual sales (vs 34% and 46% in 2017 on a pro forma basis).
Asia Pacific posted a solid sales performance in 2018, mainly in Australia, and now accounts for 9% of total business (vs 7% in 2017).
Lastly, the Americas account for 12% of total business, stable compared to 2017 (13%). This region, where EKINOPS recently opened its US head office near Washington, will be a real growth driver over the coming years, with major growth opportunities already in the pipeline.
2018 was marked by the success of the EKINOPS and OneAccess merger, as evidenced by outstanding half-year results and now by the fact that the full-year revenue target has been exceeded.
In view of these results, the full-year EBITDA margin should largely exceed the annual target already raised to 5% in mid-September.
EKINOPS now expects the full-year EBITDA margin to be at least equal to the 9.5% margin recorded in H1 2018.
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