An annual general meeting of Superloop Limited (ASX: SLC) was held on 25 October 2018, where the chairman welcomes it shareholders and addresses about the number of changes which the company has come across since the last annual general meeting. The agenda of the meeting was also to share certain recent updates about the company as well as the operations of the company. By the end of the meeting, a further update was provided about the FY2018 financial performance and the strategy of the company.
The meeting begins where it highlights that a company named BigAir Group Limited was acquired by the Superloop Limited two years back. The CEO of BigAir Vivian Stewart has now joined as the board of directors of the company and is also working as an independent Non-executive Director. Jason who is the executive director of the company is working very hard with the Superloop team and Bevan to integrate the two businesses has resigned from the board of members and he continued as the consultant to the company.
The position of executive director, corporate sales was taken up by Matt Hollis. Louise Bolger who is the director of the company since 2015 is also playing the role of General Counsel. The founder of the company Bevan Slattery will continue to lead the company as a CEO for the upcoming 2 years. He will also play the role of an executive director who will be responsible for transactions related to the acquisitions, partnership, and other important transactions.
Further to this AGM, Drew Kelton will be the CEO and the managing director of the company.
The financial and operational highlights were presented before the shareholders. Regarding revenue and profit growth, SLC is considered as the fastest growing technology company in Australia according to the Deloitte Fast 50 2018 Award. The revenue of the company increased by 109.3% which is equivalent to $125.2 million. The underlying EBITDA of the company is $30.6 million. The company continued to expand its network in metropolitan and the international capacity in Hong Kong and the USA. Another new update from the company was that it has stated the construction of construction of Superloop’s new “Red” Australian national backbone which was announced earlier. Further to this, the company worked to increase the network, technology and product coverage.
Through various segments of the company, the company generated revenues. These were connectivity, services, and broadband. The other source of revenue generation was through services like cloud, security, voice, managed the network, and professional services. Worth $36.6 million. Another $26.6 million was generated through the broadband connections to home, business as well as Wi-Fi. There was an increase in the total strategic sites by 16.9% and total optic fiber by the end of 30 June 2018 by 9.2% which is equivalent to 671km.
The company caters to networks only in the Asia-Pacific regions. There is technological upgradation which is going on to expand the bandwidth of the growth.
After the AGM, the share price of the company hiked by 2.959% since morning. It is currently trading at A$1.74 (AEST: 2:23 pm, 26 November 2018) with the market capitalization of A$386.33 million and PE ratio of 52.98x.