Spirit Telecom bucks COVID-19 trend with strong revenue growth

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Spirit Telecom bucks COVID-19 trend with strong revenue growth

Telco and IT services company Spirit Telecom has posted strong revenue growth in the four month to April 2020.

The ASX-listed company reported revenue of $14.3 million for the period, up 146 percent from January to April 2019. Recurring revenue is also up 60 percent to $8.6 million compared to 2019.

Spirit said the growth was fuelled by its strategy to bundle its high-speed internet, cloud and IT/managed services offerings. “The portfolio of products continues to show resilience and growth against the background of a volatile macro-environment,” its ASX announcement read.

Spirit’s Trident Technology Solutions division has also been a major revenue source due to its clientele in essential services, particularly in the education and aged care sectors.

The company said Trident overperformed during the period, as the division would historically post slower growth in the same period in previous years.

Spirit managing director Sol Lukatsky said, “We are simply executing to strategy for our customers, who are demanding a bundled high-speed internet links & IT services in one
offering and it’s working.”

Spirit also revealed it will launch a new NBN Enterprise Ethernet (NBN EE) product range later this month as part of its Spirit X marketplace platform.

“The launch of the NBN EE product will add more than 500,000 locations we can sell into with our Internet and IT services bundles,” Lukatsky said. “This is a game changer in terms of organic opportunity for Spirit.”

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