Publicly listed fibre network operator Superloop has seen total revenue rise 137 per cent year-on-year, to $262.5 million, while net profit after tax plummeted 82.5 per cent to $52.6 million into the red.
The net loss included a goodwill impairment charge of $25.1 million and a reduction in group goodwill of $35 million.
Earnings before tax rose 10 per cent to $12.6 million.
Superloop said the significant increase in revenue was driven by organic growth and the acquisition of the Exetel business, which was completed in the first half of FY22.
Exetel added in excess of 110,00 new consumer and business customers to the fold.
The acquisition of Acurus was also completed and provided Superloop with a white label internet capability and a platform to support growth in the challenger market.
During the financial year, the company also completed the sale of its Hong Kong entity and certain Singapore assets for net proceeds of $125 million, including a gain on sale of $46.6 million.
Superloop CEO and managing director Paul Tyler said it was a watershed year for Superloop as it experienced sales growth across all three segments – consumer, business and wholesale.
Revenue from the consumer segment was up 276 per cent, to $130.9 million; the business arm rose 175 per cent, to $80.5 million; and the wholesale market was up 21 per cent, to $38.3 million.
“We are now in the final leg of our three-year turnaround and we are gathering momentum off the back of the consolidation of the group during the past 18 months,” he said.
“We have a new leadership team in place, a very strong balance sheet and we have never been better placed to capitalise on our unique strategic position to increase our market share in the telecommunications sector.”
For the financial year ahead, Superloop told shareholders it was expecting strong profitable revenue growth, with FY23 already booking record customer additions.