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Networkers’ International progress

• FROM: June 2006 |
• TAGS: support services, networkers international |
• COMMENTS: Add yours

• Networkers’ International progress
• | Printer-friendly version

After four years of looking, cash shell Streetnames has found its acquisition.

Networkers International provides telecoms engineers across the world. It is particularly strong in developing markets in Asia and Africa. More recently it has also built up its business in North America. It currently has more than 400 contractors working in more than 35 countries.

Unsurprisingly the Chinese are investing heavily in their mobile phone infrastructure ahead of the Beijing Olympics in 2008. A new sales office has been opened in Beijing to take advantage of this investment. The mobile phone infrastructure is still being developed in other areas are also still being built up. Mobile phone subscribers in Africa are growing at a rate of 53% a year yet only 10% of the population has a mobile. Only 5% of Indians have a mobile and this is another country where networkers intends to open an office.

In the year to May 2005 Networkers made operating profits of £2.57m on turnover of £21.8m. In the most recent six months operating profits were £1.87m on turnover of £18.7m.

The reversal transaction valued Networkers at £22m at 26p a share. Networkers founder shareholders sold £2.3m worth of shares at 26p a share. The shares have since risen to 32p.

The market conditions should ensure that Networkers continues to grow strongly over the next few years.

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