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Zenitel NV reports solid revenue growth and appoints new CEO

Financial highlights

  • Revenue amounted to EUR 38.1 million compared to last year’s EUR 31.1 million.
  • EBITDA before the adoption of IFRS 16 remained stable.
  • Operating profit (EBIT) amounted to EUR 2.0 million compared to EUR 1.8 million last year.
  • Profit for the period of EUR 1.5 million against EUR 1.3 million in 2018.

EBITDA amounted to EUR 3.4 million for the first six months of 2019, an increase of EUR 0.9 million or 36% compared to the first half of 2018, mainly as a result of the adoption of IFRS 16 which classifies the OPEX lease payments as depreciation costs and hence affects the EBITDA.

Operating Profit (or EBIT) increased by 15% for the first six months of 2019 compared to last year financials. The increase is a result of higher revenues for the first half year of 2019 and the continuous improved operational efficiency.

Profit for the period for the first six months of 2019 increased to EUR 1.5 million, compared to EUR 1.3 million last year.

The long-term growth strategy of Zenitel remains focused on its presence in multiple markets where we continue to invest in new employees, new products and solutions, as well as look for possible acquisitions. Increased investments in the Maritime, Energy and Security markets have grown the company’s top line in the first six months of 2019.

Download the full report

The complete interim financial report, including the condensed consolidated interim financial statements, can be downloaded here.

Koen Claerbout appointed as new CEO

The board of directors of Zenitel NV announces that Kenneth Dastol stepped down from his current executive duties today. The board of directors furthermore announces today the appointment of Mr. Koen Claerbout as the new CEO of the company.

Jo Van Gorp, Chair of the board of directors, commented: "Thanks to the drive and hard work of Kenneth, Zenitel is now in a position to deliver further sustainable and profitable growth. Koen’s track record in growing international businesses in a related sector, led the board to choose him to lead Zenitel in its next era of growth. We are confident he will lead Zenitel to become the unparalleled leader in intelligent communications solutions”.

Koen Claerbout (47) was until recently the CEO at Audioprof, a global market leader in audio solutions. Koen has a profound experience in growing technology companies. He has over 10 years of CEO experience after having been in senior R&D, production management and sales & marketing positions.

Koen Claerbout also has a good understanding of the Zenitel business and organisation, as he has been a director at the board of Zenitel NV since May 2018. He holds a master in engineering of the University of Ghent and an MBA of Vlerick Business School.

The board would like to thank Kenneth Dastol for his long time contributions to Zenitel. Under Kenneth's leadership, the company focused on the secure communications system business and developed it into a profitable platform.