Brisbane telco Over the Wire cracks $34 million

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Brisbane telco Over the Wire cracks $34 million
Michael Omeros, Over the Wire

Brisbane-headquartered telecommunications provider Over the Wire has boosted revenue 45 percent to $34 million in its second year as a public company.

Overall earnings for the financial year ending 30 June 2017 were up 36 percent to $7.3 million and net profit was up 26 percent to $3.6 million.

The biggest earner for OTW is still data network services, contributing $15.9 million, or 52 percent in revenue, followed by voice with $10.7 million, cloud and managed services with $4.8 million and co-location by $2.7 million.

OTW's revenue also received an extra boost from Telarus, the Melbourne telco acquired by OTW in December for $7.6 million. Telarus contributed $5.7 million in revenue to OTW, though the company said organic revenue still increased 21 percent. The addition of Telarus also allowed OTW to expand its services into managed security and private mobility and push for more customers in Victoria.

"We are pleased with our FY17 result and the current position of the business," said managing director Michael Omeros.

"The acquisition of Telarus has been very successful and we have also achieved strong organic growth, especially in New South Wales and Victoria where we have been concentrating our sales and marketing initiatives. With a focus on customer experience and on evolving product capability we are well positioned to continue to deliver our targeted growth in FY18."

Looking ahead, OTW said it would continue to grow its managed security and mobility business, as well as cloud telephony, and will leverage its existing customer base to sell more products.

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