BigAir records $35.5m in full year gross profit

BigAir records $35.5m in full year gross profit

Gross profit was up 34 per cent from same time last year

BigAir records $35.5m in full year gross profit

BigAir records $35.5m in full year gross profit

Telecommunications company, BigAir Group (ASX:BGL), has recorded $35.5 million in full year gross profits for the year ending June 30. This was up 34 per cent from last year, which recorded a $26.5 million full year gross profit.

Its underlying net profit after tax was up 34 per cent to $8.5 million. Its total revenue for the year amounted to $62.7 million, up by 50 per cent from last year. Of this, it revealed a strong second half performance, with an underlying EBITDA of $10.4 million.

The company said, in a statement on the ASX, that the substantial increase in revenues was partly driven by the second half consolidation of Oriel Technologies made during the year, as well as organic growth in BigAir’s existing business.

“The Community Broadband division, which delivers centrally managed Internet, Wi-Fi and Campus network solutions performed particularly strongly, reporting 19 per cent growth versus FY14 with revenues reaching $10.7 million.

“It also has a record pipeline of new business opportunities in FY16 across a number of markets including accommodation providers, retirement living, retail, hospitality, and government,” it indicated.

BigAir Group chairman, Paul Tyler, said that its success was a result of its two acquisitions and expanded range of products and services.

“Operationally, the past 12 months have been exceptionally busy. BigAir completed two acquisitions during the year – Oriel Technologies and Integrated Data Labs. The company has also greatly expanded its range of products and services with the addition of Cloud Managed Services to its existing data network and community broadband offerings,” he said.

According to the company, it is well placed to continue its recent growth trajectory during FY16.

It claimed its expansion during the year into a broader range of products will enable it to further leverage its network advantage across its expanded product portfolio, with the goal of significantly increasing spend per customer.

It also indicated that consistent with the recent acquisitions, BigAir will continue to pursue accretive acquisitions that deliver services consistent with the company strategy.

“Once acquired, management focus is on driving efficiencies and cross-sell opportunities. This represents a significant opportunity for continued growth. We expect the recent growth and success of the BigAir business to continue into the coming year,” Tyler added.

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Tags TelecommunicationsgrowthASXprofitBigAir Group


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