The company achieved a revenue of $12.47 million for the half year, delivering year-on-year revenue growth of 20%.
Swift’s sustained revenue and profit growth have translated into positive net operating cash flow of $1.53 for the half year, up 22% compared to the prior corresponding period.
Swift is a diversified telecommunication, advertising and content solutions provider with services including free-to-air television, pay television, video on demand, integrated advertising and analytics.
The company recently changed its name to Swift Media Ltd from Swift Networks Group Ltd.
Swift’s statement of financial position as at December 31 2018 featured a significant strengthening of its financial flexibility, with $2,655,853 in cash at bank and an increase of 103% year on year in terms of its net cash position (cash at bank minus borrowings).
Swift delivered strong revenue and earnings growth in H1 FY19, as it continued to build with new and existing clients across its target markets.
The company expanded its world-class content catalogue with highly sought-after live eSports content and delivered product development with the launch of its Over-The-Top (OTT) Lumiair system.
During the period, Swift also actively pursued its inorganic growth agenda.
This strategy resulted in its acquisition in December 2018 of out-of-home digital advertising specialist Medical Media, with the transaction completed subsequent to the end of the reporting period on 15 February 2019.
Swift anticipates that its results for the six months to 30 June 2019 will continue to show improvement.
The company is working to integrate the Medical Media business into its operations, and this is expected to be complete by 30 June 2019.
Medical Media’s advertising base combined with Swift’s content and technology should fast track advertising revenues across the merged group.