Spirit Telecom reveals more than 16,000 connected apartments

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Spirit Telecom reveals more than 16,000 connected apartments
Geoff Neate

Melbourne ASX-listed Spirit Telecom has revealed that it has 16,942 apartments connected to its network.

Spirit Telecom connected 59 new buildings during the first half of the 2017 financial year. That represents a 30 percent growth of connected buildings, which helped drive the company's 23.2 percent growth in revenue to $5.2 million for the half-year ending 31 December 2016. Spirit's connected buildings now exceed 250.

The gross profit for the half-year was $3.2 million,  43.6 percent increase. Underlying EBITDA, which includes non-cash items; directors LTI and employee share scheme ($52.550), was $703,923, a 67.5 percent increase.

Spirit Telecom increased fixed wireless stations to 54, servicing 143 buildings. It also increased network capacity in Melbourne and Sydney, installed a new point of presence - linked in Brisbane - and finalised integration of the My Telecom network.

Phone Name Marketing, which Spirit acquired in December 2016, is expected to be fully integrated by into the business by April.

Managing director Geoff Neate said: "We are pleased with our first six months as a listed entity and have been true to our plan of organic growth and accretive acquisition activity. We have been able to successfully get ourselves ASX listed, grow our building numbers and customer base, resulting in solid revenue and EBITDA growth, and we have completed the Phone Name acquisition."

Spirit's most recent project was delivering high-speed non-NBN internet to Melbourne's Eureka Tower. More than 500 apartments have access to internet speeds of up to 200/200Mbps and unlimited downloads and uploads.

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