Australian Telco Swoop has reported 62 per cent revenue growth, as well as a 130 per cent earnings before interest, taxes, depreciation growth of 130 per cent in half-year results.
Swoop relisted on the ASX in May last year following a 15-fold oversubscribed $20 million capital raise.
Today, the fixed wireless and wholesale network infrastructure network reported growth to $23.9 million based on the previous half year, gross margin up 72 per cent to $13.6 million, and a 47 per cent increase in subscriber numbers to 37,538, from December 31, 2021.
In the six months leading up to December, they announced and completed acquisitions including Speedweb, Countrytell and VoiceHub, and undertook a successful capital raise of more then $45 million through a placement and share purchase plan.
Swoop has also acquired Beam Internet and Community Communications, as well as Adelaide-based dark fibre network iFibre and Sydney-based dark fibre network, builder, owner and operator Luminet.
Swoop says, “We had a fantastic half year, which was capped off by another capital raise and a number of successful acquisitions which will facilitate further organic growth into new markets with new services.”
Swoop ended 2021 with $44.55 million in cash and is close to finalising a negative $30 million debt facility, which will provide them with what is viewed as a significant “war chest” for additional investment in their network infrastructure, as well as accretive potential acquisitions.
Swoop is also on track for an equally strong FY2022, with expectations in the range of %50-52 million and underlying EBITDA to be in the range of $12-12.5 million.