PWK Upgrades 2009 Guidance

Pipe Networks continues to go from strength to strength upgrading their FY09 earnings forecast to a range between $11 - $12m up from $10.7m previously. The company stated that by July this year, recurring revenues will increase to $3.5m per month up from $2.0m per month currently.

The company also announced that they are currently conducting due diligence on a strategic acquisition in the range of $1m but are unable to release any further details at this time.

At a time when earnings at listed companies may start to feel some pressure Pipe Networks continues to power ahead. Of course the key risk is still the company's ability to execute the Guam to Sydney pipeline. However, given the company's excellent track record on delivering on forecasts they overwhelmingly get my vote of confidence.