Swift up on strong results

24/01/2018 - 15:03

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Shares in telecommunications provider Swift Networks rose nearly 10 per cent today after the company released strong half-year results that show increasing revenue growth and profit margins.

Swift Networks is a telecommunications provider.

Shares in telecommunications provider Swift Networks rose nearly 10 per cent today after the company released strong half-year results that show increasing revenue growth and profit margins.

Swift said it was expecting half-year revenue of $10.4 million, representing growth of 32 per cent compared with the same period last year, while the company also indicated that profit margins had risen to 39 per cent in the first half of the financial year.

The company is also forecasting $5 million in cash receipts for the December quarter, equal to 30 per cent growth on last year’s corresponding period.

Earnings before income, tax, depreciation and amortisation was also up to 9.9 per cent for the half year, in 2017 it was at 6.5 per cent.

Chief executive Xavier Kris said it had been a promising first half of the financial year.

“Swift has made a strong start to FY18 as we have gained material traction across all of our target markets: resources, offshore energy, aged care, student accommodation and hospitality,” he said

“This momentum continues to deliver strong earnings growth, with unaudited Ebitda for the first six months of FY18 greater than Swift’s outstanding FY17 full-year result.”

“We look forward to enhancing our offering and expanding our customer base further in 2018 as we continue to execute our growth strategy.”

Shares in Swift finished up 9.3 per cent at 47 cents on the announcement.

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