Thursday, 25 February 2021 00:01

Over the Wire boosts revenue, earnings for half year

Michael Omeros, Over the Wire managing director Michael Omeros, Over the Wire managing director

ASX-listed telecommunications, cloud and IT solutions provider Over the Wire increased revenue by 17% to $50.3 million for the half year ending December 2020, with earnings before interest, taxes, depreciation and amortisation (EBITDA) increasing 28% to $10.5 million.

However, in the negative was Over the Wire (ASX:OTW) net profit after tax, which fell by 23% to $1.8 million, during the six months ending 31 December.

With the solid half year, along with recurring revenue increasing by 25% to $45.9 million (or more than 91% of total turnover), OTW Managing Director Michael Omeros said the six months result was at the top end of the guidance that the company provided in its Business Update late last year.

“The strength of our current sales pipeline and the orders being provisioned from last quarter, our most successful quarter to-date, gives us confidence of a second half result in line with our expectations,” Omeros said.

“We continue to deliver high rates of recurring revenue (greater than 90% of total revenue), with a strong conversion of the profitability to cash, a good indicator of the future strength of our business.

“This quarter will also see the finalising of our tier one voice provider (carrier interconnect) project. This is a strategic asset in our infrastructure portfolio that will help drive further growth in our Collaboration pillar.

“Our continued investment ensures that we remain committed to delivering on our strategy, and simplifying technology to empower business,” Omeros concluded.

In addition for the half year OTW revealed strong cash conversation (129%), as it neared completion of its Tier 1 voice provider (Carrier Interconnect) project, and continued to focus on the capabilities of its three solution pillars - Cloud, Connect and Collaborate.

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Peter Dinham - an iTWire treasure is a mentor and coach who volunteers also a writer and much valued founding partner of iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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