{"id":9714,"date":"2015-07-17T14:59:23","date_gmt":"2015-07-17T13:59:23","guid":{"rendered":"http:\/\/www.ispreview.co.uk\/?p=9714"},"modified":"2015-07-17T14:59:23","modified_gmt":"2015-07-17T13:59:23","slug":"zen-internet-touts-uk-growth-and-explains-accounts-blip","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2015\/07\/zen-internet-touts-uk-growth-and-explains-accounts-blip.html","title":{"rendered":"Zen Internet Touts UK Growth and Explains Accounts Blip"},"content":{"rendered":"<p>UK ISP <a href=\"https:\/\/www.ispreview.co.uk\/index.php\/link\/zen_internet\" target=\"_blank\">Zen Internet<\/a>, which is now home to 430 staff, has revealed that their operating profits surged 34% from \u00a3760,000 to \u00a31.02m in the year to the end of September 2014 and revenues rose 6.8% from \u00a347.36m (2013) to \u00a350.62m. But there were also a few blips for the accounts department to tackle.<\/p>\n<p><!--more--><\/p>\n<p>Apparently much of the growth is being attributed to Zen&#8217;s investment in its underlying broadband and phone infrastructure, which among other things saw them put <strong>\u00a33.5 million<\/strong> towards the construction of a new network of local telephone exchange PoPs (Points of Presence) during 2013.<\/p>\n<blockquote class=\"bq1\"><p><strong>Matt Kay, Zen&#8217;s Finance Firector, said:<\/strong><\/p>\n<p>&#8220;<em>The benefits of this investment account for the year-on-year growth in operating profits, but the real impact is now being realised in the 2015 performance with revenues continuing to grow.<\/em><\/p>\n<p><em>The company is now on track to report an operating profit up almost threefold from that reported in 2014 and this year \u2013 2015 &#8211; is expected to be the most profitable in Zen\u2019s 20 year history<\/em>.&#8221;<\/p><\/blockquote>\n<p>Mind you it wasn&#8217;t all plain sailing and Zen&#8217;s most recently filed accounts revealed a technical breach on one of the company&#8217;s banking covenants with its investment partner <strong>NatWest<\/strong>, which relates to a property loan that the ISP took out in 2008 to buy their head office. Thankfully the issue appears to have been cleared up and Zen&#8217;s loan will continue to be repayable over the remaining term of the\u00a0agreement until 2028.<\/p>\n<p>Separately HMRC are said to be challenging a historic investment that Zen made into a film business. &#8220;<em>Zen does not expect the challenge to materialise, but to be prudent we have recognised a contingent liability [\u00a3423,000] in our financial reports. We do not consider our involvement in the scheme to be in any way questionable<\/em>,&#8221; said Zen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK ISP Zen Internet, which is now home to 430 staff, has revealed that their operating profits surged 34% from \u00a3760,000 to \u00a31.02m in the year to the end of September 2014 and revenues rose 6.8% from \u00a347.36m (2013) to \u00a350.62m. But there were also a few blips for the accounts department to tackle.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[472,98],"class_list":["post-9714","post","type-post","status-publish","format-standard","hentry","category-uk_isp_news","tag-business","tag-zen-internet"],"share_on_mastodon":{"url":"","error":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Zen Internet Touts UK Growth and Explains Accounts Blip - ISPreview UK<\/title>\n<meta name=\"description\" content=\"UK ISP Zen Internet, which is now home to 430 staff, has revealed that their operating profits surged 34% from \u00a3760,000 to \u00a31.02m in the year to the end\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ispreview.co.uk\/index.php\/2015\/07\/zen-internet-touts-uk-growth-and-explains-accounts-blip.html\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zen Internet Touts UK Growth and Explains Accounts Blip - 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