Monday, 30 August 2021 14:36

Swoop delivers 104% revenue growth in its first FY announcement

Swoop CEO Alex West Swoop CEO Alex West

Fixed wireless and wholesale network infrastructure provider Swoop Holdings Limited (ASX: SWP) (Swoop) has announced full year results, reporting 104% revenue growth on the previous year to $30.9m, gross margin up 118% to $16.8m, and a 24% increase in subscriber numbers to 30,723.

This is Swoop’s debut EoY results since listing on the ASX in May, and follows recent acquisitions of three regional fixed wireless operators: Beam Internet (regional South Australia), Speedweb (Gippsland, South Australia) and Community Communications ‘ComComs’ (Perth).

Swoop says the report cites a number of performance highlights that have added to the success and growth of the business, including:

  • Pro-forma Revenue of $30.9m up 104% year-on-year
  • Pro-forma Gross Margin of $16.8m up 118% year-on-year
  • Pro-forma EBITDA of $4.9m up 165% year-on-year
  • A 24% year-on-year increase in subscriber numbers to 30,723
  • Completed 3 accretive fixed wireless acquisitions during first few months of listing
  • Flags significant potential acquisition and organic growth opportunities

Swoop CEO Alex West said, “We had a fantastic year which was capped off by our successful listing on the ASX. I am thrilled with the growth we have achieved and the opportunities that exist for further acquisitions. Along with the Board, the Executive team and I are pumped to be creating the next national Australian Telco with the business on track for an equally successful FY22.”

Swoop said it ended June 30 2021 with $17.5m in cash, and has flagged additional investment in its fixed wireless network, adding to its existing 390 towers across the country, as well as a number of accretive potential acquisitions.

It is on track for an equally strong result for FY22, with the business expecting revenue to be greater than $40m and underlying EBITDA to be $10m, Swoop concluded.

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Chris Coughlan

A versatile technology executive with extensive experience in most disciplines and technologies in the Information and Communications Technologies sector. Roles have encompassed general management, product management, business development, sales management, industry marketing, operations management, research and development, business case development, market research and forecasting, regulatory, strategy management, solution development, major project construction, process design and management, technology and management consulting, and engineering.

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