ASX-listed Telco, cloud and IT services provider Over The Wire (OTW) has posted a bumper 2021 financial year as its network investments pay off.
In the 12 months ended 30 June 2021, the company saw its revenue increase 29 percent from $87.6 million to $112.7 million, while recurring revenue grew 38 percent from $74.7 million to $103.2 million.
EBITDA increased 35 percent from $17.4 million to $23.5 million while profit after tax declined 32 percent from $5 million to $3.4 million.
OTW managing director Michael Omeros said the achievements of the last financial year were important for the company’s long-term future and the growth of sustainable earnings.
“The completion of the carrier interconnect project and the completion of the Zintel, Fonebox and Digital Sense acquisitions provides us with a strong platform to lock in a variety of new, recurring revenue streams,” Omeros said.
“The current financial year has started well and in line with expectations and we remain confident of delivering on our target of 15 percent growth in organic recurring revenue.”
OTW in May completed its multi-year Carrier Interconnect project to upgrade its network to become a Tier 1 voice provider in Australia, joining the likes of Telstra, Optus, TPG, MyNetFone and Vocus.
The company also invested in a network upgrade with Juniper Networks to boost its capacity, called SuperCore, to provide “a fast and resilient” network backbone.
Omeros added that OTW’s Cloud Connect Collaborate solution offering is expected “to
deliver positive outcomes” for clients and help support future revenue growth.
“With the completion of the Carrier Interconnect project, we now have all the elements of a comprehensive, fully integrated platform that simplifies technology and empowers business,” he said.