Fixed wireless and wholesale network infrastructure provider Swoop has reported steady growth in active services for the fourth quarter of 2023, posting a 4.2 per cent bump in services in operation (SIOs) from the previous quarter.
The SIO growth was buoyed by growth from Swoop’s 2022 acquisition of Moose Mobile, as well as from the fixed line and fixed wireless business.
The latter delivered a 16 per cent year over year increase in SIOs from Q4 of 2022, while Moose Mobile increased its SIOs by 18 per cent from 94,348 when the acquisition was first announced to this quarter’s 111,176.
Swoop also revealed that the company finished FY2023 with positive free cash flow of $545,000 for Q4, which it said was “well ahead” of its neutral target in a previous forecast.
“We are extremely excited to report that we have beaten our long-held target of cash flow neutral for Q4 FY23 and have exited FY23 with a strong positive free cash flow result,” Swoop chief executive Alex West said.
“The business is performing strongly, and the teams continue to achieve our organic growth and integration goals.
“We have recently seen the strongest sales and connections numbers since listing, which is driving organic growth, all while we continue to invest in integration and future growth putting the business in great shape heading into FY24.”
Swoop also reported a 59 per cent increase in receipts year over year, driven by the Moose acquisition and organic growth from other parts of the business.
The company reported a cash balance of $19 million at the end of Q4 and also revealed it bought back 9.3 million Swoop shares amid the company’s increased share price.
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