Superloop posts strong FY2023 as NBN market share increases

Superloop has posted growth in revenue and earnings for the 2023 financial year thanks to a sizable increase in customers, as well as increased market share in the NBN broadband network.

In the year ended 30 June 2023, the ASX-listed telco reported revenue of $323.5 million, up 29.5 per cent year over year from $249.7 million, and underlying EBITDA of $37.4 million, up 82.2 per cent from last year’s $20.5 million.

The company also posted a loss after tax of $43 million, down from a loss of $52.6 million in FY 2022.

Superloop saw its number of connections grow by 52.8 per cent from 241,000 to 368,300, with increases from wholesale, business and consumer.

Its market share in the NBN broadband network also increased to 3.1 per cent during the period.

“In what has been a watershed year, Superloop has delivered strong financial performance for 2023, with all segments contributing to the company’s 82.2 per cent growth in Underlying EBITDA from continuing operations,” Superloop chief executive Paul Tyler said.

“Our strong financial performance reflects the significant turnaround that has been delivered from the successful execution of our ‘3-in-3' strategy over the last three years."

"Set in early 2021, this strategy was designed to grow the business three-fold in three years, and I am pleased to report that we have achieved that."

"Superloop now has a clear strategic direction, solid financial foundation, and a strong platform for consistent growth.

“In the 2023 financial year, we achieved well above industry subscriber growth and have increased our market share in the NBN market from 2.0 per cent to 3.1 per cent."

"Complementing our organic growth, the acquisitions of both VostroNet and MyRepublic subscriber base also provided a solid contribution to our result.”

Looking ahead, Superloop said its consumer segment is expected to grow further thanks to broader awareness of the brand and increased market share of the NBN, while business and wholesale would see growth thanks to the new “biz” product suite, as well as its SD-WAN and SASE offerings.

“Our investment in the Superloop brand and increased marketing and advertising efforts during the financial year provided strong momentum from which to accelerate organic growth and this momentum is continuing as we enter the 2024 financial year from a position of strength, Tyler added.