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Wednesday, 22 August 2018 06:28

Superloop reports good year with profit of $7.1m

Superloop reports good year with profit of $7.1m Pixabay

Connectivity and managed services provider Superloop has announced profit after tax of $7.1 million, its first, in its annual results for the year 2017-18. In the previous financial year, the company had made a loss of $1.2 million.

Superloop also reported increased EBITDA which rose to $29.1 million, compared to $4.6 million in the previous financial year.

Revenue was $125.2 million, more than double the $59.8 million in the previous financial year.

Superloop chief executive Drew Kelton said: ​“We have a fantastic team at Superloop that has again delivered on the company’s operational plan and strategic priorities to generate exceptional growth in revenue, earnings, profit and cashflow in FY18.

"Over the past 12 months, Superloop has acquired two strategically compelling businesses and is now integrating them. In addition, the team has continued to focus on disruptive innovation to organically grow the business by expanding Superloop’s physical and active networks in Australia, Singapore and Hong Kong.”

Kelton took over as chief executive on 1 July, with founder and former chief executive Bevan Slattery moving into the role of executive director.

The two acquisitions during the year were fixed wireless ISP NuSkope and GX2 Technology. The company said NuSkope had contributed $6.7 million in revenue and EBITDA of $3.5 million to the result.

GX2 generated revenue of $7.1 million from installation, ongoing management fees and hardware sales, and EBITDA of $1.2 million.

“We have significant opportunities to continue expanding our access networks to strategic sites in Australia, Singapore and Hong Kong to drive ongoing organic growth and leverage the infrastructure already in place," said Kelton.

"The rollout of our new Australian national backbone is driving national sales opportunities including the ability to support our wholesale customers’ access to the NBN platform. We will also continue to hyperscale our fixed wireless network offering in Australia as customers seek increasingly fast and reliable broadband to support their businesses.

“Construction of one of our biggest infrastructure projects, the INDIGO international subsea cable system, is progressing ahead of plan, and subject to weather conditions could be completed ahead of schedule and before the end of this financial year. Once complete, Superloop will be able to offer its customers a fully meshed pan-Asian network, and position the Company for substantial growth in the years ahead."

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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