Superloop posts $7.1M profit

Superloop posts $7.1M profit

First full year positive result since public listing

Superloop has posted $7.1 million net profit after tax for the 2018 financial year, the first positive full year NPAT for the company since listing on the Australian Securities Exchange in 2015.

The publicly-listed telecommunications provider reported net loss after tax in its two previous full year financial results with a net loss of $7.2 million in FY16 and a net loss of $1.2 million in FY17.

"Over the past 12 months, Superloop has acquired two strategically compelling businesses and is now integrating them," Superloop CEO Drew Kelton said about NuSkope and GX2.

"In addition, the team has continued to focus on disruptive innovation to organically grow the business by expanding Superloop’s physical and active networks in Australia, Singapore and Hong Kong.”

Earnings before interest, tax, depreciation and amortisation (EBITDA) went from $4.6 million in the previous reporting year to $29.1 million in the year ended 30 June 2018 - revenue for the full year was up 109 per cent to $125.2 million.

Superloop+, previously known as cloud and managed services, revenue was up 68 per cent to $36.6 million reflecting the contribution for the full year from BigAir’s CMS business.

Superbb, the business unit that went live in October, revenue was up 286 per cent to $26.7 million reflecting a full year contribution from Campus Broadband Solutions ($12.8 million) as well $6.7 million from NuSkope (since 13 October 2017) and $7.1 million from GX2 Technology (since 17 November 2017).

In June, Superloop revealed the acquisition of the fibre broadband customer base of SkyMesh for $1.5 million, which added more than 10,000 broadband subscribers to its newly formed retail broadband division Superbb.

In March, Superloop's founder and CEO Bevan Slattery announced he was stepping down as the company's chief, with SecureCo chief Drew Kelton to replace him in the leadership role.

Previously, in November 2017, the company announced an agreement to acquire GX2 Holdings and its subsidiaries for $12 million.

GX2 is a provider of Wi-Fi services for major hotel chains, student accommodation sites and schools. GX2, who was formerly known as Global Gossip, has offices in Sydney, Melbourne and Brisbane in Australia, London in the UK, Denver in the US, Taupo in New Zealand and in Nadi and Suva in Fiji.

Two months before, Superloop had acquired South Australian fixed wireless internet services provider NuSkope for $10 million.

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