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Highlights
- Swift has secured new contracts worth AU$1.4 million in Western Australia and the Northern Territory.
- The contracts are for the upgrade and installation of the company’s network solutions for some of its major clients.
- SW1 has a strong pipeline of contracted installation work for FY23.
Swift Networks Group Limited (ASX:SW1) has commenced FY23 on a strong note. The company recently started five new installation projects with a total contract value of AU$1.4 million. Revenues would be recognised in Q4 FY22 and H1 FY23.
Swift specialises in delivering network infrastructure and premium entertainment services across different sectors.
Network solutions - Swift has a wide experience across different types of technologies. The company has catered to hundreds of sites across Australia with its customised network. Additionally, the company provides end-to-end design, construction and support of dependable, strong, and scalable internet, TV, and communications services.
Entertainment and communications – The flagship products are Swift Broadcast and Swift Access.
Image source: ©Kalkine Media®; © Logo and Art via Canva.com
The new installation projects
The new installation projects are in Western Australia and the Northern Territory for major clients including NT Link, Roy Hill, BBB Contracting, and Atlas Iron.
Under these projects, Swift will upgrade and install its different network solutions designed and implemented by its in-house team.
Starting FY23 in a solid position
According to Chief Executive Officer of Swift, Mr Brian Mangano, these new contracts, along with other recently secured projects, place Swift in a solid position. At the beginning of FY23, the company had more than AU$1.1 million in subscription revenue per month. Moreover, it has AU$2.9 million worth of contracted installation work already in the pipeline for FY23.
Mangano added, “This not only represents an increase in project activity but also the take up of Swift’s new subscription products Swift Access and Swift Broadcast in both the Mining and Aged Care sectors.”
Contract for aged care business
In May this year, Swift entered an agreement with Hubify Limited, a technology solutions provider. Under the contract, Swift will cater to one of Hubify’s major aged care clients with its exclusive entertainment and communication solutions.
Of the total AU$1.5 million contract value, 83% is recurring revenue.
Swift has a market capitalisation of AU$10.44 million. The shares traded at AU$0.018 on 8 July 2022.
