Recent acquisitions have boosted Brisbane telco and IT services provider Over The Wire’s half-year revenue and profit growth.
Revenue was $34.3 million in the six months ending 31 December, up 43 percent from the same period in 2017, backed by the $29 million double acquisition of Access Digital Networks and Comlinx.
Net profit after tax meanwhile was $3.16 million, up 45 percent from $2.18 million last year. EBITDA is also up at $7.5 million, up 53 percent from $4.9 million in 2017.
“We are pleased to deliver another strong result, our eighth consecutive half-year increase in each of revenue and EBITDA,” OTW managing director Michael Omeros said.
“Our growth objectives are complemented by our recent acquisitions, Access Digital Networks and Comlinx, and we remain focussed on delivering exceptional service to our customers and quality returns for our shareholders.”
Over The Wire’s cloud and managed services business saw the most growth in the telco’s product lines for the period at $7 million, more than double of the $3.33 million posted last year.
Data networks business comes at a close second with 40 percent growth at $17.6 million, up from $12.6 million.
“Business performance for the first half of the year is pleasing. The company continues to generate strong operational cash flow and remains well positioned to continue its growth,” the company said in a statement.
“The company remains confident that it will achieve greater than 18 percent organic growth in the coming year.”
Over The Wire acquired Access Digital Networks and Comlinx in October for $10.4 million and $12.8 million, respectively, plus a combined $5.8 million in OTW shares. The companies will help OTW further expand into South Australia through Access Digital Networks, while Comlinx will broaden the product offering.
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