Narrowcast provider Swift Networks reports profit jump
ASX-listed narrowcasting service provider Swift Networks has reported a 167% EBITDA (earnings before interest, tax, depreciation and amortisation) jump in half-year profit.
The company, which provides advertiser-supported content to locations in the resources, maritime, aged care, retirement homes and government sectors, acquired GP out-of-home network Medical Media in a $25m deal in December.
Swift Networks’ CEO, Xavier Kris, flagged a focus on advertising revenues in the company’s half-year results
In its half-year report, the company said revenues for the six months to 31 December were $12.6m, up 21% on the year before with an EBITDA of $2.8m.
Gross margins grew from 39% to 54% while net cash reserves stood at $2.65m, up from $1.30m the previous year.
The company flagged further growth, saying it is in negotiations with funding providers to finance expanded facilities for the combined Swift and Medical Media business.
Chief executive officer, Xavier Kris, told the ASX: “Swift’s underlying business continues to grow from strength to strength. We continue to deliver on our promises to our clients, our staff, our partners and our investors.
Swift Network’s financial results from the company’s investor presentation
“Our commitment is reflected in the performance of the business from both an operational and financial standpoint across our Australian and international target markets, in line with the strategy communicated at the time of listing.
“We are particularly encouraged by the ability to further monetise our deployed assets and generate advertising revenue streams through our acquisition of the Medical Media business. We look forward to delivering continued growth in diverse, scalable, recurring earnings both directly and through our partner network in 2019.”
