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OTW profit soars following Access Digital, Comlinx acquisitions

OTW profit soars following Access Digital, Comlinx acquisitions

Cloud and managed services business experienced the largest growth

Credit: Dreamstime

Publicly-listed Over the Wire Has closed FY19 with a 49 per cent increase in revenue, with a total $79 million.

Cloud and managed services experienced the largest growth with 217 per cent, or $23 million in revenue, delivered organically and through the successful acquisition of Comlinx and Access Digital Networks on 1 November 2018.

Data networks revenue was $37 million, an increase of 26 per cent that was driven partly by the acquisition of Access Digital.

Voice saw a 17 per cent increase in revenue ($16 million) while its data centre business experienced an 11 per cent increase ($3 million).

Net profit for the year ended 30 June was $10 million, or an 83 per cent increase from last year's $5 million. Earnings were also up with $20 million, or 64 per cent increase.

"We remain focused on delivering organic growth through geographic expansion and  market penetration, complemented by quality acquisitions," OTW MD Michael Omeros said.

"Industry tailwinds in SD-WAN, hosted voice and cyber security provide a positive outlook for future growth and  Over  the  Wire  is  well  positioned  to  take  advantage. We  are excited  by  the  potential opportunities for growth and remain committed to delivering on our strategy.”

OTW first announced the acquisition of Comlinx and Access Digital Networks in a deal worth $30 million last October. 

Based in Canberra, Comlinx provides IT managed solutions to corporate and government clients, while Access Digital Networks delivers data networks, voice and private cloud solutions.


 



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