Spirit Telecom Ltd (ASX:ST1) reported an impressive 100% increase in its revenue for the 2020 financial year to $34.9 million, mainly driven by acquisitions and integration.
During the year, the companys business-to-business (B2B) revenue grew by 147% to $28.9 million while total recurring revenue went up by 48% to $23.5 million.
Spirits underlying EBIDTA that excludes acquisition and integration costs, share-based payments and restructuring costs rose 88% to $3.73million.
"A truly modern telco"
Spirit managing director Sol Lukatsky said: “FY20 has been a year of phenomenal growth and transformation.
“The July trading update shows were off with a fast start to FY21, and we continue to pursue an aggressive growth agenda both organically and via a range of acquisition options.
“Having completed seven acquisitions, including material acquisitions such as VPD and Trident over the past 12 months, weve assembled and integrated the product suite and service delivery model thats enabled us to become a truly modern Telco and challenge the major IT & Telco providers head on.”
FY21 has started strongly
In FY20, the company decided to invest in the Spirit X Digital platform and advertising spots to grow leads, sales channel and brand nationally.
As a result, Spirits July trading update shows that FY21 has started strongly, with new sales of $2.3 million added during the month, representing a 165% increase month on month from June bolstered by the acquisition of VPD Group.
The company has also signed 21 newRead More – Source