Endace Limited Period End Trading Update (2191O)

TIDMEDA

RNS Number : 2191O

Endace Limited

09 October 2012

 
 FOR IMMEDIATE RELEASE   9 October 2012

ENDACE LIMITED

HALF YEAR TO 30 SEPTEMBER 2012: PERIOD END TRADING UPDATE

Endace Limited ("Endace") (AIM: EDA, "the Company"), a world leader in network visibility, response and root cause infrastructure, provides an update on performance for the half-year ended 30 September 2012.

Trading Update

Revenues for the six months to 30 September 2012 are expected to be approximately US$19.2 million, an increase of 3% against the comparable and high growth period last year. After continued investment in the group's sales and marketing infrastructure to underpin long term growth, the group expects profit before tax, adjusted for share option costs, to be broadly break-even (30.09.11: US$0.2 million profit). Cash balances at the period end were US$4.3 million (30.09.11: US$2.6 million, 31.03.12: US$5.4 million).

Endace made strong progress towards our key strategic goals of building standard systems sales, driving up recurring revenue streams, and building our indirect channel. Systems revenues increased by 8%, with annuity revenues increasing 16% against the comparable period last year. DAG card revenue was unchanged, whilst revenues from accessories, non-core special projects and professional services decreased 36% against the comparable period last year.

Sales through the channel grew to 41% of revenues this half-year, reflecting our investment and focus in growing a scalable indirect channel selling standard Endace systems. Gross margins improved to 75.0% (6 months to 30.09.11: 72.6%, year ended 31.03.12: 73.1%) despite the increased channel mix, demonstrating our strong competitive position. As organisations continue their migration to 10+Gbps networking, our systems provide high value-add by solving costly and complex network problems.

Against a continuing backdrop of a challenging macroeconomic environment, geographical revenue mix remained broadly unchanged at 60% North America, 30% UK/Europe and 10% Australasia, with particular strength in Government systems sales both in the UK and in North America.

CEO Mike Riley, said:

"The investments we have made in our products, our team and our channel relationships are delivering tangible results. We are pleased with our first half performance, especially given the continuing difficult macroeconomic backdrop. Our pipeline is strong and we remain confident of meeting expectations for the full year."

Announcement of half-year results

The half-year results for the six months ended 30 September 2012 will be announced on Tuesday 6 November 2012. An analyst briefing will take place on the morning of that date at Weber Shandwick, 2 Waterhouse Square, 140 Holborn, London EC1N 2AE.

Ends

Contacts:

 
 Endace Limited 
 Mike Riley, CEO                       +44 20 7067 0700 
 Kate Parsons, CFO                     +44 20 7067 0700 
 
 Panmure Gordon 
 Hugh Morgan / Giles Stewart           +44 20 7886 2500 
 
 Weber Shandwick Financial 
 Nick Oborne / Stephanie Badjonat / 
  Robert Cook                          +44 20 7067 0700

About Endace

Endace provides world-leading network visibility infrastructure, which is trusted by some of the world's largest organizations to accelerate their response to network and security problems.

Endace Intelligent Network Recorders guarantee to capture, index and record 100-percent of network traffic while scaling from 1 Gbps to 100 Gbps. EndaceVision is Endace's proprietary web-based application that enables engineers to visualize, search and retrieve network traffic from any Endace Recorder anywhere across the network.

Endace's marketing headquarters are in Sunnyvale, California. R&D is in Auckland, New Zealand. Sales offices across the US, in Reading, UK and Sydney, Australia provide support for customers.

Quoted on London's AIM, the stock code is LSE: EDA.L.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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