Telco and fixed wireless provider Swoop has reported a 9.3 per cent quarterly customer receipt growth to $21.6 million for the first quarter of 2023.
The company said this is its strongest quarterly results since listing on the ASX in 2021, stating the company reached “record” sales and connections this quarter.
Its total services in operation (SIOs) at the end of Q3 was 149,584, up 7143 from the end of the previous quarter.
Swoop credited its quarterly success to its successful fixed line and fixed wireless business, investments in regional capex projects which showed signs of success, and its streamlining of the business to improve operational performance while reducing overheads.
The telco said its success comes from all businesses it has bought performing better now than at time of acquisition, which it said are well progressed in terms of integration.
Swoop’s succession of acquisitions over 2021 and 2022 include Speedweb, Countrytell, Voicehub, Luminet, iFibre, Beam Internet and Community Communications.
In November 2022, Swoop also completed its largest acquisition of national mobile network operator Moose Mobile for $24 million.
Swoop said this acquisition is providing strong free cash generation and performing ahead of expectations with SIOs increasing from 94,348 to 106,236 (up 13 per cent) in the 9 months since announcing the acquisition in July 2022.
“Our efforts to automate and improve the business has not only resulted in lower operating costs but also delivered us record organic growth over the period," Swoop chief executive Alex West said.
“The business is in great shape, we are well capitalised and demonstrating strong organic growth and the ongoing consolidation of our systems is delivering real differences,” he added.
“Forward sales are at record levels meaning we are on track for neutral free cash flow exiting FY23 all while continuing to invest in the business for future growth,” West concluded.
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