The Australian-listed telco (ASX:SWP) also recorded an 18 percent growth in subscriber numbers to 179,092, demonstrating what it says was “strong organic growth for the challenger brand”.

In its third full year of being listed on the ASX, the company notes that it continued to integrate and deliver organic growth from the previous acquisitions, with the most recent being Moose Mobile in November 2022, “achieving significant synergies and benefits from operating as a combined integrated entity”.

“Since the acquisition of Moose Mobile in November 2022, the company has continued to grow its national mobile virtual network operator presence. At the time of the transaction announcement, Moose provided just over 94,000 mobile services on the Optus network to customers across Australia. This has now grown to over 131,000 services at the end of FY24,” says Swoop.

“This coupled with significant cross-sell opportunities and strong cash generation from the revenue and cost synergies of the combined organisation, has demonstrated the success of Swoop’s strategy, through both acquisition and organic growth opportunities.”

Alex West, Swoop Chief Executive Officer, said: “It is immensely gratifying to see our strategy come to fruition. We have managed to remain a highly competitive reseller while simultaneously advancing the development of our own infrastructure, which will drive long-term gross margin and profitability. Our significant progress in automation and the delivery of self-service options is reflected in the number of customer service awards we’ve received.

“Swoop has achieved record sales throughout the year across its key products of fixed wireless broadband, NBN, mobile and voice. The sustained increase in the group’s revenue this year, fuelled by organic growth, demonstrates the strong demand for dependable internet and mobile services with one of the highest customer satisfaction ratings in Australia.

“The key to our success has been the development of our team; in FY24, we saw further improvements in employee engagement, which has directly contributed to our ability to execute our strategic objectives.

“At the tail end of FY24, we also announced our move into residential fibre infrastructure, alongside our fixed wireless products, delivering high margin services to our customers. With the start of the FY25 also seeing the company sign its largest deal to date with a $36m long term contract to provide Swoop owned fibre infrastructure to a Nasdaq listed global tech company, further expanding our reach in greater Melbourne to key digital infrastructure areas as well as new developments as targets for Swoop Fibre Broadband.

“Along with the Board, the Executive and the entire Swoop team are looking forward to further success into FY25 and beyond,” West concluded.

The report cites numerous performance highlights in the FY23-24 contributing to the success and growth of the business, including:

• Revenue of $88.9 million, up 14% on FY23.
• 18% increase in total subscriber numbers from June 2023 to 179,092, all organic growth.
• Underlying EBITDA1 remains strong at $16.4 million. Core Business EBITDA2 was $15.2 million a 6.4% YoY increase.
• Delivered a $10.7 million Operating Cash Flow3 in the year.
• Opex as a percentage of Revenue is now 21% a reduction of 18% over the last 4 years. Announced the divestment of the wholesale voice business in June 2024 for $9.0 million, with the transaction completing in July 2024.
• $17.3 million of available funding (including $11.8 million of cash) as at 30 June 2024. Which excludes the wholesale voice business divestment proceeds received in July 2024.
• Significant enhancements in service performance led to multiple high-profile customer service awards in FY24.
• Continued robust expansion of owned Fixed Wireless infrastructure in regional Australia, with 14 new sites added in Victoria and extended coverage in WA.
• Swoop now ranks among Australia's top 10 Enterprise Ethernet providers, boasting one of the country's largest nbn Enterprise Ethernet networks.
• Initiated the build of a 300-kilometre owned fibre network - resulting coverage includes 42,000 businesses and around 450,000 residential premises, supported by a $36 million long term contract with a key Nasdaq listed global technology company.