The Swoop Holdings Ltd (ASX: SWP) share price is up 4.1% in early trade on Tuesday morning after the market digested the company’s results for the first half of the 2022 financial year.
What did the company report?
- 2022 half-year revenue soars 62% from 2021 first half
- Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) up 130%
- Underlying net loss after tax reduced by 26.7%
- 47% increase in subscriber numbers
What else happened in the first half?
Swoop completed 3 acquisitions during the first half, and another 2 in the current half-year.
The company raised $45 million of capital to enable the takeover of Speedweb, Countrytell and VoiceHub.
What did management say?
“We had a fantastic half year which was capped off by another capital raise and a number of successful acquisitions which will facilitate further organic growth into new markets with new services,” said chief executive Alex West.
“Along with the board, the executive team and I are well on track to creating the next national Australian telco.”
What’s next?
West said that Swoop is “on track for an equally successful second-half of 2022”.
The second-half revenue is expected to be somewhere between $50 and $53 million, with underlying EBITDA to fall between $12 and $12.5 million.
This compares to first-half revenue of $23.9 million and underlying EBITDA of $5.3 million.
Swoop share price snapshot
Swoop listed in May after an initial public offer that sold shares at 50 cents.
The stock has been as high as $2.46 in the past 12 months, but the telco has been caught up in the general market sell-off this year. The valuation has shrunk almost 32% since the start of 2022.
However, with the stock starting Tuesday at $1.22, it’s still a nice 144% return in just 9 months for those lucky enough to own the business from its listing.
The post This ASX telco just reported 62% revenue growth appeared first on The Motley Fool Australia.
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