Young Australian telco Swoop has delivered 55 per cent revenue growth and pushed its gross margin up 15 per cent as it battles to make a mark in the sector.
For the half-year ending December 31, Swoop reported revenue of $37 million, with a gross margin of $15.7 million.
Swoop reported underlying EBITDA of $7.3 million, up 38 per cent, year-on-half year.
Most importantly, the telco has managed to boost subscriber numbers by 279 per cent, to 142,441.
Swoop has done this by focusing on acquisition, netting Speedweb, Countrytell, Voicehub, Luminet , iFibre, Beam Internet and Community Communications during the half.
In November, Swoop also completed the acquisition of Moose Mobile for $24 million.
We have had a fantastic start to the year continuing to integrate our previous acquisitions and extract further synergies from the combined business,” said CEO Alex West (pictured below).
“Our continued growth in revenues, both via acquisition and strong organic growth, shows the high demand for reliable, locally supported internet services in a post pandemic hybrid working environment that remains resistant to pressures from increases in the cost of living.
“The acquisition of Moose in the half contributed well to the overall performance of the business, and we are excited by the ability to cross-sell mobile products into our customer base as well as the opportunity to sell our great internet products to Moose’s customers.
“We will continue our strong focus on managing cash flow as we increasingly see acquisition synergies flow through to the bottom line and continue to target a free cash flow neutral position towards the end of the current financial year.”
