Spirit Telecom posts revenue, profit growth as fixed wireless network expands

Spirit Telecom has seen its revenue and profit grow with key hires and the further expansion of its fixed network.

The telco posted revenue of $16.2 million, up 41 percent from last year’s $11.4 million, while profit after tax was $570,000, up 21 percent from $468,000 in 2017.

The growth was supported by the addition of 12,000km to its fixed wireless network through the $4.6 million acquisition of World Without Wires in 2017.

“In a year of major growth investment, operating expenses increased by over $3 million for the company, adding key management personnel and increasing headcount by 50 percent,” Spirit Telecom managing director Geoff Neate said.

Looking ahead, the company is expecting to see further expansion in its network with symmetrical internet and 5G technologies.

“We are already deploying four of the five proposed technologies that will make up this new standard of Internet delivery, well ahead of larger telcos,” Neate said.

“Next year and those that follow present huge opportunities for Spirit. We will continue to aggressively pursue top line growth, with a focus on the rewarding business sector, as well as the residential market.”