Superloop Limited (ASX:SLC) Announces Half-Year Financial Results
Financial Performance
Superloop Limited reported a 33.3% increase in revenue, reaching $257.5 million for the half-year ended 31 December 2024, up from $193.1 million in the previous period. The company reduced its loss from ordinary activities after tax to $7.8 million, a 58.4% improvement compared to $18.7 million in the prior corresponding period. Comprehensive loss also decreased by 63.1% to $6.9 million.
The company states that the favourable movement in net loss was predominantly driven by higher gross margin generated on the back of stronger revenue and the tax benefit realised in the period in relation to the recognition of available tax losses.
Operational Achievements
The company added 209,000 customers across all segments, marking a 46% increase. A significant milestone was the successful migration of Origin Energy’s customer base to Superloop’s platform, which is expected to contribute significantly to future earnings. Revenue growth was driven by organic expansion in the consumer and wholesale segments, supported by the transition of the Origin broadband customer base.
Financial Position
Net tangible assets per ordinary share rose by 140.2% to $0.20 from $0.08. The number of shares on issue increased to 511,872,454 from 475,560,561, driven by shares issued under various agreements and incentive schemes. The company’s cash and cash equivalents stood at $55.9 million, with borrowings of $56.0 million.
Dividend
No dividend was proposed or declared for the period ended 31 December 2024.
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. 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 Scott Phillips.
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