Brisbane telco Over The Wire hits $13.9 million for half-year, grows cloud and managed services

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Brisbane telco Over The Wire hits $13.9 million for half-year, grows cloud and managed services
Over The Wire's Michael Omeros

Brisbane-based telecommunications provider Over The Wire has posted a 29 percent increase in revenue to hit $13.9 million for the first half of the 2017 financial year.

The company was listed on the ASX in December 2015 and reported its first full-year results as a publicly listed company in August 2016.

EBITIDA was up from $2.4 million in the same period the previous year to $3 million, or 25 percent, while net profit after tax increased 10 percent from $1.4 million to $1.5 million in the first half of the year ending 31 December 2016.

Michael Omeros, OTW managing director, said: "We are pleased with the continued positive performance of the business over the last six months. We have sustained strong revenue growth and continue to invest for the future. Our organic growth coupled with selective quality acquisitions positions the company well for our geographic expansion plans."

OTW acquired Spiderbox in March 2016 for $700,000. In December 2016, the telecommunications provider acquired Melbourne-based Telarus for $7.6 million.

Breaking down the results showed the highest growth was in the cloud and managed services businesses. This division saw 53 percent growth, generating $1.7 million in the first half.

Data networks is still the strongest business within the company, growing 23 percent to $6 million.

The company is investing in sales and marketing function and product development with the goal to increase sales for the future starting in the 2018 financial year.

OTW stated is well positioned to continue its organic growth and actively search for further acquisition opportunities.

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