Superloop posts first profitable full year as revenue doubles

Superloop has doubled its revenue for the 2018 financial year due to strong growth across its enterprise, cloud and managed services and broadband business.

The network provider posted $125.2 million in revenue in the year ending 30 June, up 109 percent from last year’s $59.8 million, and posted a $7.1 million profit after tax. By comparison, Superloop posted a $1.2 million loss in 2017.

The revenue growth was thanks to contributions from its wholesale and enterprise businesses in Australia, Singapore and Hong Kong, the development of INDIGO subsea cable facilities, cloud and managed services business Superloop+ and broadband services business Superbb.

Australian network revenue grew 84 percent to $47.2 million, which includes $21.8 million from fixed wireless services and $13.8 million from subsea cable development. The network in Singapore meanwhile grew 85 percent to $7.2 million, while Hong Kong network grew 580 percent to $6.8 million.

Cloud and managed services revenue grew 68 percent to $36.6 million, accounting for contributions from BigAir’s CMS business. Superloop acquired the wireless and IT services provider in 2016.

Superbb almost tripled its revenue to $26.7 million, with contributions from acquisitions Campus Broadband Solutions ($12.8 million), NuSkope ($6.7 million) and GX2 Technology ($7.1 million).

“We have a fantastic team at Superloop that has again delivered on the company’s operational plan and strategic priorities to generate exceptional growth in revenue, earnings, profit and cashflow in FY18,” Superloop chief executive Drew Kelton said.

“Over the past 12 months, Superloop has acquired two strategically compelling businesses and is now integrating them. In addition, the team has continued to focus on disruptive innovation to organically grow the business by expanding Superloop’s physical and active networks in Australia, Singapore and Hong Kong.”

Superloop also announced a number of changes in its executive lineup, with David Thorn replacing Matt Hollis as group general manager for sales, David Thomas joining as chief commercial officer and the departure of chief financial officer Paul Jobbins.

Also in the same period, founder Bevan Slattery stepped down as chief executive to assume the executive director role, appointing Kelton in March. BigAir co-founder Jason Ashton also left the company in July.