Swift jumps on FY18 results

Shares in telco provider Swift Networks enjoyed solid gains today after the company revealed a strong earnings result for the 2018 financial year.

In its preliminary results, Swift said it expected earnings before interest, taxes, depreciation and amortisation of $2.7 million, up from $1 million last year.

Swift shares were up 14.5 per cent at 40 cents each at 3pm AEDT.

The company said FY18 revenue was $22.3 million, representing a 31 per cent increase on last year.

Swift’s annualised contracted revenue increased 44 per cent year on year to $15.7 million.

The company said it had repaid its $3 million Bankwest debt facility in the June quarter, ahead of schedule.

Chief executive Xavier Kris said it had been a successful year for the company.

“We have made excellent progress in expanding our customer base beyond our established strength in the resources sector,” he said.

“The blue chip clients Swift has secured in all target markets – resources, offshore energy, aged care, student accommodation and hospitality – have yielded exceptional growth in diverse, scalable, recurring earnings.

“Our balance sheet is now debt-free and the company is equipped with the flexibility to continue to deliver profitable growth.

“We look forward to delivering Swift’s service both directly and through our partner network to an ever-increasing customer base in FY19.”