Tight cost controls, new contracts and a capital raise have positioned digital media group Swift for growth.
In the March quarter, the company says it has so far signed $2 million in total contract value. Over the last 12 months Swift has gathered $17 million in total contract value.
However, in the half year to December revenue dropped 10% to $11.8 million. This reflects restructuring of the health and wellbeing business (a 45% drop in revenue) and the winding down of living networks telecommunications in aged care.
Its shares closed Friday up almost 5% to $0.043.
Where the content and advertising solutions provider is making fast progress is mining and resources, with communications and entertainment, and delivering ads.
CEO Pippa Leary, who started at the company in June 2019, says Swift has made “good progress” delivering on key milestones in an accelerated growth strategy.
The strategy:
The specialist tech company, providing communications and entertainment systems to communities across Australia, has signed landmark contracts with Mineral Resources, Tronox Gingko and Uniting NSW.ACT.
Swift also had a successful capital raise at almost $5 million.
“We are now investing to enhance our sales capabilities and product development to drive sustainable long term growth,” says Leary.
The company plans to expand into retirement living, quarantine camps and government facilities.
The numbers for the half year to December:
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