Superloop profit sinks by $32M in 'transformational' year

Superloop profit sinks by $32M in 'transformational' year

Revenue and earnings on the rise.

Paul Tyler (Superloop)

Paul Tyler (Superloop)

Credit: Superloop

Publicly listed Superloop has posted a net loss of $32 million during a "transformational" year ending 30 June 2021.

Despite the profit loss, the connectivity services provider saw its total revenue grow by 2.9 per cent to $110.7 million and earnings before tax was up 35 per cent at $18.2 million before acquisition costs.

Revenue from core fibre connectivity services to wholesale and business customers grew 22 per cent year-on-year and new fibre connectivity sales increased 27 per cent year-on-year.

Consumer subscriptions grew 62 per cent to 47,000, although this does not include the additional 110,000 customers acquired through the acquisition of Exetel, which was completed on 31 July 2021 and are now being migrated to the Superloop network.

"These are very strong results in what has been a transformational year for Superloop,” managing director and CEO Paul Tyler said.

"We delivered on our targets in the first year of our multi-year strategy that focuses on driving network utilisation through growth in all three of our customer segments, and all three countries in which we operate.

"That strategy exists to accelerate that network utilisation, and to deliver to Australian business, wholesale and consumer customers a new alternative for their connectivity needs, one that takes advantage of high-speed, digital-first networks and services.”

In addition to the continued focus on organic growth across all three customer segments, Tyler said, the provider's robust balance sheet allows the operational flexibility to contemplate further merger and acquisition options in the year ahead if it identifies opportunities that represent sufficient value.

In the past 12 months, Superloop achieved a number of customer wins including a $25 million contract signed with Symbio (MNF Group Limited) to become its exclusive supplier of wholesale NBN aggregation services, along with multi-year contracts with Buroserv and Telair worth in excess of a combined $12 million for NBN traffic class 4 (TC4) aggregation services using the Superloop Connect Platform.

"The momentum we have built for each customer segment, combined with the progress in integrating Exetel, has set the company up for another strong year in FY22,” Tyler added.



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