Monday, 19 August 2019 12:17

Over the Wire boosts 2019 full year revenue to $79.6 million Featured

Michael Omeros, Over the Wire managing director Michael Omeros, Over the Wire managing director

ASX-listed telecommunications, cloud and IT solutions provider Over the Wire has lifted total revenue by 49% to $79.6 million for the 2019 full year.

Releasing its FY19 annual results on Monday, Over the Wire also reported EBITDA increased by 64% for the 12 months to $20.1 million.

Noting “another positive result” for FY19, Over the Wire managing director Michael Omeros said, “we remain focused on delivering organic growth through geographic expansion and market penetration, complemented by quality acquisitions”.

“Industry tailwinds in SD-WAN, Hosted Voice and Cyber Security provide a positive outlook for future growth and Over the Wire is well positioned to take advantage.

“We are excited by the potential opportunities for growth and remain committed to delivering on our strategy.”

Omeros said the result demonstrated demand from customers across all four product lines including Change Data Networks, Voice Cloud/Managed Services and Co-location.

And the Over the Wire Group says it continues to build on its geographic expansion strategy, with strong growth achieved across all states, with an office presence, both organically and through acquisition.

On its business outlook, Over the Wire says its business performance is tracking well against its strategy and the company continues to generate positive operational cash flow and maintain a strong balance sheet.

“We remain well positioned to continue to deliver organic growth and pursue further accretive acquisitions. The company remains confident that it will achieve strong growth in FY20 and continue to deliver sustainable profit growth for shareholders,” Over the Wire concludes.

FY19 highlights from Over the Wire:

  • Total Revenue up 49% to $79.6m
  • EBITDA up 64% to $20.1m
  • NPATA up 91% to $13.1m
  • NPAT up 83% to $10.1m
  • Acquisition of Access Digital Networks completed
  • Acquisition of Comlinx completed
  • Final dividend of 2.00cps declared (full year dividend of 3.25 cps)
  • EPS up 64% to 20.7 cps

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Peter Dinham - an iTWire treasure is a mentor and coach who volunteers also a writer and much valued founding partner of iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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