Vonex has spent $35.33 million in its recent acquisition spree resulting in a net after-tax loss of $600,000 and an accumulated net debt of $11.9 million over the first half of the financial year.
The telco told shareholders said it would continue “to execute a disciplined merger and acquisition growth strategy for the 2022-23 financial year, targeting profitable IT and telco businesses.”
The company brought in just over $15 million in revenue for the first half of the 2021-22 financial year, an increase of 54 percent compared to the first half of the 2020-21 financial year.
“Vonex has achieved another period of strong financial performance,” the company said in a statement.
Vonex’s gross profit grew $175 million for the half-year ending December 2021, a 174 per cent increase from the corresponding period last year.
Vonex purchased telephony and internet services wholesaler Voiteck for $2.75 million this January, cloud phone, internet and mobile services seller Direct Business from Symbio (then MNF) for $31 million last July and Sydney-based NBN reseller and NEC partner Nextel for $1.58 million in February last year.
The company said that the “complementary acquisitions are delivering high-quality earnings, readily addressable synergies and improved scale in annual recurring revenue, channel partners and profile.”
Vonex’s Voiteck acquisition expanded its customer base into South Australia and the company said the acquisition "significantly boosted" its base of recurring customer revenue.
Annual recurring revenue rose to more than $34.5 million as of 31 December 2021, up 103 percent year over year.
The company also said buying Direct Business brought 5,250 new small-to-medium clients and retail sales of $2 million for the December 2021 quarter, a 25 percent increase from the December 2022 quarter.
Vonex listed on the Australian Stock Exchange in 2018 raising $6 million in its IPO. Its current market capitalisation is $33 million.
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