Broadland buy spurs United Networks to first profit

Broadland buy spurs United Networks to first profit

Revenue also climbs by 30 per cent to $16.2 million

Victor Tsaccounis (United Networks)

Victor Tsaccounis (United Networks)

Credit: Hubify

United Networks has recorded a bumper financial year after seeing profit soar 396.5 per cent, ending the year with a profit of $2.6 million.

The Woolloomooloo-headquartered telecommunications provider also saw revenue grow by 30 per cent to $16.2 million for the year ended 30 June 2020.

In September 2019, United Networks acquired Broadland Group for 266,544,433 shares in an effort to boost its position of a preliminary net loss after tax of $1.1 million.

At the time, the company said the acquisition was expected to increase revenue and profitability of United Networks and help it to become EBITDA positive.

The year also saw Victor Tsaccounis take over as company CEO in October 2019 and carry out programs such as building a managed service business and create a new CRM automation.

In addition, the company moved to one billing platform, one accounting platform and implemented a new operating methodology.

After the close of the financial year, United Networks snapped up C3 Innovations, a unified communications and hosted and managed data solutions provider that’s partnered with Cisco, Aruba, Polycom and Hewlett Packard Enterprise (HPE).

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