Regional telecommunications provider Field Solutions Group (FSG) has bounced back from its 2020 loss to post $2.1 million profit after tax for the year ended 30 June 2021.
The profit increase, a rise of 550 per cent from last year’s $500,000 loss, was aided by a number of public grants including the federal government’s Regional Connectivity Program Round, which provided $27.1 million, and also JobKeeper payments.
It also won a $2.1 million grant from the Western Australian state government to set up its network in the state, marking its entry into the state’s market for the first time.
Meanwhile, FSG’s revenue rose by 77 per cent to $18.8 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 485 per cent from $400,000 to $2.2 million year-to-year.
According to publicly listed FSG, the company began the new financial year with a backlog of committed contracts valued at more than $40 million.
The 2021 FY also saw FSG sign a six-year $45 million network-as-a-service agreement with MyRepublic.
“FY21 saw the beginning of our strategy to unlock network rollout synergies by introducing new revenue streams through the addition of managed services and wholesale products and services across our network,” said FSG CEO Andrew Roberts.
“We look forward to deploying our next-generation wireless network (FSG RAN) delivering 4G and 5G services in FY22."
Roberts added that the company was “well-positioned to explore targeted M&A” to enhance its connectivity solutions for regional and remote Australia.
It also added that it had obtained 5G Spectrum covering over 85 per cent of rural, regional, and remote Australia.
Going into FY22, FSG recently announced it had scored funding totalling $7.75 million for various projects under the Federal Government’s Mobile Blackspots Program as it readies to build its regional network.