Paul Tyler (Superloop)
A growth in total customers has caused Superloop’s revenue for the first half of the 2023 financial year to surge by 31.7 per cent year-on-year to $148.9 million.
In the fibre network operator’s financial results for the six months to 31 December 2022, total customer growth rose by 42.3 per cent compared to the previous corresponding period across its consumer, business and wholesale segments, to 296,000.
Paul Tyler, CEO and managing director of Superloop, said the three segments also saw “strong demand and excellent sales growth, with the units all seeing revenue increases – by 31.4 per cent to $77.9 million, 34.7 per cent to $48.1 million and 21.1 per cent to $21.8 million respectively.
“We managed to deliver earnings growth, highlighting the strong underlying momentum in the business,” he said.
Additionally, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) were up 88.8 per cent to $12.6 million.
However, Superloop’s losses from ordinary activities after income tax increased by 1.9 per cent compared to the previous corresponding period, to $21.7 million in the red.
According to the company, this was due to the impact of a $1.8 million impairment charge and the increased depreciation and amortisation associated with recent asset investments and purchases.
Over the last six months, Superloop purchased VostroNet for up to $50 million and MyRepublic’s Australian customers on the National Broadband Network (NBN) for $250 per migrated subscriber.
In the latter acquisition, Superloop confirmed that 50,000 customers were migrated over three weeks, which would peg the acquisition price at approximately $12.5 million.
Regardless of the increase in losses, Superloop expects “strong profitable revenue growth in FY23”, noting that its business momentum is continuing through to the second half of the financial year.
It also anticipates it will meet its FY23 underlying EBITDA guidance of $33 million to $36 million.
