Superloop turns to profit following year of growth and acquisitions

Superloop turns to profit following year of growth and acquisitions

It has been a busy year for Superloop as a new CEO has taken the reigns, two key acquisitions have been made and new projects have taken shape in Hong Kong and Singapore.

The connectivity services provider revealed impressive financial performance in its first annual report under a new CEO.

During FY18, Superloop achieved its first positive net profit after tax result of $7.1 million (up from a FY17 loss of $1.2 million) and an underlying earnings increase of 240 per cent to $30.6 million (up from $9 million in FY17).

Superloop CEO Drew Kelton (pictured) is proud of the company's progress and says the results come down to the team that helped generate them.

"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," says Kelton.

"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."

The Australian company acquired NuSkope and GX2 Holdings over FY18, increasing its resources, assets and software solutions.

Specifically, Superloop's acquisition of NuSkope will add a portfolio of strategic assets including wireless network infrastructure and sophisticated service qualification tools and customer database. The company says Its acquisition of GX2 Holdings should accelerate its community broadband campus solution and brings technology, software and systems with significant value for the entire company.

Also during FY18, Superloop acquired 10,000 fixed-line broadband subscribers to kick off its position in the nbn marketplace with Superbb, its new retail internet service provider.

The company's cornerstone project, the INDIGO subsea cable project, is continuing well and ahead of schedule. Approximately 75 per cent of the total cable from INDIGO West and Central has been loaded on to its lay vessel, with the remaining 25 per cent of cable loaded onto a freighter in July, with it to be laid in mid September.

Shares in Superloop are up 7.36 per cent to $2.48 per share at 10.36am AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Space Machines Company’s partnership with Orbit Fab blasts into orbit aboard SpaceX Transporter

Space Machines Company’s partnership with Orbit Fab blasts into orbit aboard SpaceX Transporter

The mission by Adelaide-based Space Machines Company to deliver &ls...

Brisbane Korean BBQ icon Maru salvaged by restructuring plan with creditors

Brisbane Korean BBQ icon Maru salvaged by restructuring plan with creditors

A Brisbane Korean barbecue icon will live on to grill another day a...

Gilmour Space receives green light for Australia's first orbital spaceport

Gilmour Space receives green light for Australia's first orbital spaceport

Fresh after raising $55 million in a Series D round led by the...

Survey finds founders 'more accepting of economic challenges' with earlier push to profitability

Survey finds founders 'more accepting of economic challenges' with earlier push to profitability

A survey of Australian founders conducted by law firm Herbert ...