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M&A pays off for Superloop as revenue hits $324M

M&A pays off for Superloop as revenue hits $324M

Loss after income tax improves by 18 per cent to reach $41 million.

Paul Tyler (Superloop)

Paul Tyler (Superloop)

Credit: Paul Tyler

Superloop has posted a bumper revenue uplift for 2023 off the back of its acquisitions from MyRepublic and Exetel. 

The publicly listed telecommunications provider saw revenue hit $323.5 million for the year ended 30 June 2023, a 29 per cent rise from 2022’s $249.7 million. 

According to Superloop, organic revenue from continuing operations was 17.9 per cent of the total rise. 

The remainder came from the acquisition of MyRepublic’s subscriber base, as well as the inclusion of the Exetel business, which Superloop acquired in 2021 for $110 million. 

Superloop also saw an improvement in its loss after income tax, which sat at $41 million in 2023, an 18 per cent fall from $52.6 million the previous year. 

Meanwhile, Superloop’s underlying earnings, interest, tax, depreciation and amortisation (EBITDA) grew by 82.2 per cent, from $20.5 million to $37.4 million. 

According to an update to the Australian Securities Exchange (ASX), Superloop’s operating costs, excluding marketing, decreased to 20.1 per cent of its revenue, which “reflects ongoing cost discipline and the benefits of the company’s digital transformation initiatives”. 

Looking ahead, Superloop told shareholders that it intends to double the size of the business between now and the end of FY26.  

“Our ambition is to maintain our cost leadership position, deeper and broader market penetration through portfolio richness and continue to accelerate growth organically and via M&A,” the company said. 

Superloop CEO and managing director Paul Tyler called FY2023 a “watershed year”. 

“Our strong financial performance reflects the significant turnaround that has been delivered from the successful execution of our ‘3-in-3'  strategy over the last three years,” he said. 

“Set in early 2021, this strategy was designed to grow the business three-fold in three years and I am pleased to report that we have achieved.” 

Earlier this month, Superloop announced it was planning to acquire telco software vendor Symbio for $243 million.

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