This ASX telco just reported 62% revenue growth

Not a bad result from a company that only listed on the ASX last May and has since acquired 5 businesses.

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Key points

  • Swoop reported a 62% boost in revenue and a 130% increase in underlying EBITDA
  • The telco has made 5 acquisitions since listing on the ASX last May
  • Second-half numbers are expected to be even better

The Swoop Holdings Ltd (ASX: SWP) share price is up 4.1% in early trade on Tuesday morning after the market digested the company's results for the first half of the 2022 financial year.

What did the company report?

What else happened in the first half?

Swoop completed 3 acquisitions during the first half, and another 2 in the current half-year.

The company raised $45 million of capital to enable the takeover of Speedweb, Countrytell and VoiceHub

What did management say?

"We had a fantastic half year which was capped off by another capital raise and a number of successful acquisitions which will facilitate further organic growth into new markets with new services," said chief executive Alex West.

"Along with the board, the executive team and I are well on track to creating the next national Australian telco."

What's next?

West said that Swoop is "on track for an equally successful second-half of 2022".

The second-half revenue is expected to be somewhere between $50 and $53 million, with underlying EBITDA to fall between $12 and $12.5 million.

This compares to first-half revenue of $23.9 million and underlying EBITDA of $5.3 million.    

Swoop share price snapshot

Swoop listed in May after an initial public offer that sold shares at 50 cents.

The stock has been as high as $2.46 in the past 12 months, but the telco has been caught up in the general market sell-off this year. The valuation has shrunk almost 32% since the start of 2022. 

However, with the stock starting Tuesday at $1.22, it's still a nice 144% return in just 9 months for those lucky enough to own the business from its listing.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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