ASX listed fixed wireless, Internet and mobile services provider Swoop said it has enjoyed significant growth in its first quarter of this year, with a 74 per cent increase in monthly recurring revenue compared to the same period last year.
The telco reported a 15 per cent rise in recurring revenues from its core business, alongside 13 per cent growth in service connections compared to the first quarter of the previous financial year.
Swoop said it secured a $36 million contract with a Nasdaq-listed technology company to build a 300-kilometre fibre network in Melbourne, to serve 42,000 businesses and 450,000 residential premises.
The company strengthened its market position through the acquisition of a fibre-to-the-premises asset in regional Western Australia, with expansion plans targeting 1.2 million premises over five years.
"These amazing, organic growth results in Q1 FY25 demonstrate our ability at Swoop to execute on our strong strategic vision in challenging economic times," Alex West, chief executive officer at Swoop said.
Swoop's mobile division, Moose Mobile, which was acquired in November 2022 for $24 million, grew its user base from 94,000 to more than 130,000 customers under new head Tomas Diaz.
The company completed the sale of its VoiceHub wholesale business for 9 million dollars and confirmed a bid to acquire telco Vonex, in which it currently holds a 19.9 per cent stake.
Employee satisfaction reached 81 per cent in September 2024, up from 68 per cent the previous year, reflecting positive internal growth.
The proposed Vonex acquisition could create a combined entity with revenue of $137 million, potentially generating $5 million in annual cost savings.
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