Swoop Telecommunications doubles revenue in first post-IPO financials

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Swoop Telecommunications doubles revenue in first post-IPO financials
Alex West (Swoop)

ASX newcomer and telco Swoop Telecommunications has reaped the rewards of its acquisition strategy a few months into its life as a public company, with revenue doubling in its first post-IPO financials.

Swoop, formerly known as Cirrus Communications, reverse listed on the ASX in May via Stemify Ltd, a shell company that previously sold edu-tech products and 3D printers. Since then, the company has acquired three other telcos, namely Speedweb, Community Communications and Beam Internet.

For its 2021 financial year, the company had revenue of $31 million, up 104 percent year over year from $15 million. The number included pro forma revenue of NodeOne, the Perth-based NBN reseller Swoop acquired prior to the IPO.

EBITDA declined from a loss of $1.5 million to a loss of $8.7 million, while losses after tax tripled from $5.1 million to $15 million.

“We had a fantastic year which was capped off by our successful listing on the ASX. I am thrilled with the growth we have achieved and the opportunities that exist for further acquisitions,” chief executive Alex West said.

“Along with the board, the executive team and I are pumped to be creating the next national Australian telco with the business on track for an equally successful FY22.”

Swoop, which also builds telecommunications infrastructure, also increased its tower count across Australia from 259 in FY2020 to 390 this year. Services in operation also increased 24 percent from 24,863 to 30,723, with growth across residential, business and wholesale.

Looking ahead, the company looks to double down on acquisitions, with a few already expressing interest in joining Swoop. It also aims to expand its telco infrastructure in regional areas, specifically those with “low speed alternatives”.

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