- Ethernity Networks' revenues fell to $988,995 in the six months to the end of June - down from $1,309,138 a year ago - but operating profits rose to $379,884 - up from $263,578.

Earnings before interest, tax, depreciation and amortisation increased to $441,292 from $278,504 and gross profits of $857,884 were up from $662,674.

Chief executive David Levi said: 'The first half saw a series of achievements and culminated in the company's successful AIM IPO and £15m of new investment subscribed by UK-based investment funds.

'During the period, we introduced our all-programmable Smart NIC and gained initial market traction from tier one network operators, requesting proof of concepts to accelerate certainty of their networking functions by utilising our Smart NIC.

'Our improved sales mix and three new design contract wins also helped to increase our profitability.

'With the significant push towards the use of Field-Programmable Gate Array (FPGA) for network function acceleration, we are very excited about the future.

'The new funding within the company, resulting from the IPO is allowing Ethernity to make the necessary investment to build our sales and marketing function, as well as to increase our R&D capabilities.

'We look forward to updating the market in due course on our further progress.

'We remain confident that Ethernity will meet its long term objectives and will be positioned as one of the key solutions providers in its marketplace.'

Ethernity Networks also announced that it had successfully completed proof-of-concept of integration in several customer environments with its all-programmable intelligent NIC.

Ethernity said it performed offloading for both virtual network functions and overlay infrastructure, all on a single low-cost FPGA device with its patented flow processing engine.

It said customers successfully tested Ethernity's solutions to meet their requirements for applications such as a virtual switch, tunnel offloading, monitoring and billing, and special telecom features including hierarchical flow scheduling, shaping and policing.

At 9:12am: [LON:ENET] Ethernity Networks Ltd Ord Nis0.001 Di share price was +4p at 179p

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