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SWIFT ANNOUNCES STRONG Q1 FY21 RESULTS

SWIFT ANNOUNCES STRONG Q1 FY21 RESULTS

We’re pleased to announce today that the strategies to drive improvements in sales, efficiency and new technologies are beginning to deliver encouraging results:

  • Revenue $5.9m, up 23.4% on Q4 FY20. 70% of group revenue is contracted and recurring.
  • 160% EBITDA growth vs prior corresponding period
  • EBITDA margin of 5% in Q1 FY21 reflects a continuing and positive trend (see chart below)
  • Cash used in operations of $0.1m versus $1.5m in the prior quarter. $1.9m in net cash reserves.
  • 200% growth in project revenue, won $1.2m of new contracts and delivered $1.8m in Q1 in Mining and Resources
  • 100% retention of Mining and Resources customers
  • Tender requests up 28% year on year – encouraging lead indicator of sales growth for 2021

Our CEO Pippa Leary noted, “It is encouraging to see that the great efforts we are making to strengthen and streamline Swift are beginning to deliver positive results. Q1 FY21 EBTIDA represents 160% growth year on year supported by efficiency gains.

“We remain focused on driving profitable sales, process improvements, enhancements in our delivery to customers, and the development of new product and infrastructure technologies. While there is much more to do, I am pleased to report we have made significant progress on each of these measures in the first quarter.”

Click here to view the ASX Announcement.