Specialist tech company Swift Media has reported a revenue increase for the first quarter of the 2021 financial year of 24.3% compared to Q4 of FY 2020.
The revenue rise follows an increase in demand for closed loop, communications and entertainment systems in Australian communities that are either isolated or locked down amid COVID-19.
Swift Media CEO Pippa Leary
The 23.4% increase saw revenues rise to $5.9m, with 70% of group revenue contracted and recurring.
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Swift noted that the latest financial results coincide with the one-year anniversary of CEO Pippa Leary joining the company to work with chair Darren Smorgon on transforming a business that had lost its focus.
She was previously the digital sales director at Nine.
Swift Media Financials [Click To Enlarge]
There was also a 200% growth in project revenue and tender requests were up 28% year on year.
In the past year, Swift Media has also hired senior executives from larger corporates such as Ooh Media, Fairfax and Nine Digital.