Netcomm Wireless Ltd (ASX: NTC) shares have crashed 41.48% lower to a 52-week low of 79 cents despite delivering record results for FY18 this morning.
• Group revenue up 69% to $181.7 million
• EBITDA up 5.7x to $20.5 million
• NPAT increased to $8.0 million, compared to prior period loss of $(1.8) million
• Operating cashflow up 2.9x to $23.7 million
• Strong balance sheet, with no debt and net cash of $27.3 million.
Netcomm said that during the full-year ending June 30, 2018, it had “fundamentally rebased revenue and profitability, delivered new major contracts for future growth and progressed discussions with Tier 1 Carriers globally to implement tailored connectivity solutions”
Netcomm Chairman Justin Milne said: “I am delighted to see the investments we made in previous periods translate to outstanding growth, as we position the Company to be a successful global connectivity provider.”
Group revenue grew 69%, while Telecommunication Infrastructure Equipment and Industrial Internet of Things (IIoT)2 revenue was up 81% to $156.5 million, representing 86% of Group revenue.
Netcomm says it expects FY19 to be a year of consolidation, with revenue forecast to grow 15-20% and reported EBITDA forecast to be in the range of $15 million to $18 million.
“The investments we plan to make in FY19 will position NetComm at the forefront of a “once in a decade” technology wave, allowing us to be early to market with a commercial fixed wireless 5G solution with applicability in global markets, said CEO and Managing Director, Ken Sheridan.
Since the beginning of 2018, the Netcomm Wireless Ltd share price has fallen 32.5% compared to the S&P/ASX 200 Index which has gained 3.16% in the period.