Networks First, the provider of support services for network infrastructures, has announced it has achieved record financial results for year ending 31st March 2008. With a 13% increase in turnover to £7.9 million and operating profits growing by 77% to £507k.
Tom Mulvaney, Financial Director, Networks First comments; “These results are especially pleasing following the integration of two acquisitions and the move to a new Headquarters during 2007. We are now positioned to make the most of these investments and accelerate the growth into our selected sectors.”
The company has continued to invest in skills, spares, service differentiation and IT systems to underpin growth. Mulvaney adds, “Central to our ability to maintain this investment is our management of cash. We have no bank borrowing and minimal external funding, despite making acquisitions for cash and funding the organic growth and development. In the current economic environment our ability to generate and manage cash will provide first class protection against any downturn in the fortunes of our customers. This will provide the means for us to continue the investment to ensure a superior level of service.”
Mulvaney continues, “We have a strong plan for organic growth over the next 12 months and have made an ‘above plan’ start to the year. We are also monitoring growth opportunities in the market place very carefully and will not hesitate to move if the fit is good. The silver lining to economic slow-downs is that the fittest tend to prosper – and we’re in good shape!”