The 5G Networks Limited (ASX: 5GN) share price rocketed 9% to a record high $1.61 today despite the telecommunications provider not releasing any specific news to the market. 5G Networks is involved in the provision of internet services in the business to business market and reports that it currently has more than 2,000 business customers across Australia.
According to its latest regulatory filing, 5G has just over 45 million shares on issue to give it a market value of $72 million, with it posting an operating profit of $629,000 on revenue of $15.4 million for the quarter ending March 31 2019.
In April 2019 it raised $8 million from professional investors via the issue of 10 million new shares at 80 cents per share, with the capital reportedly being used to expand its fibre optic communications network on Australia’s east coast and in extending its services range.
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Tom Richardson owns shares of TPG Telecom Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of SUPERLOOP FPO. The Motley Fool Australia has recommended SUPERLOOP FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.