Fast-growing Australian telco Swoop has posted its best quarterly results since listing in 2021.
For the March quarter, Swoop’s customer receipt grew 9.3 per cent since the December quarter, to reach $21.6 million.
Total services in operation at the end of March was 149,584. The telco added 7,143 services in the first three months of the year, as well as reporting overall company wide record sales and connections for the quarter.
Swoop has made a number of impressive acquisitions of late, including the $24 million November takeover of Moose Mobile, and Speedweb, Countrytell, Voicehub, Luminet, iFibre, Beam Internet, and Community Communications.
The company’s cash balance sat at $19.7 million at the end of March, with a further $12.2 million still remaining from the secured $32.1 million in Westpac financing facilities.
“We are very pleased to report what is our strongest free cash flow and organic SIO growth quarterly results since listing almost 2 years ago,” Swoop Chief Executive Officer, Alex West, said.
“Our efforts to automate and improve the business has not only resulted in lower operating costs but also delivered us record organic growth over the period.
“The business is in great shape, we are well capitalised and demonstrating strong organic growth and the ongoing consolidation of our systems is delivering real differences.
“Forward sales are at record levels meaning we are on track for neutral free cash flow exiting FY23 all while continuing to invest in the business for future growth.”
