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Swift Media’s annualised recurring revenue rises to $18.5 million; further contract wins expected

Swift’s Medical Media acquisition is on track to deliver at least $3 million of cost savings in FY20 from business synergies.

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The company’s FY19 EBITDA is expected to be $2.5 million.

Swift Media Ltd (ASX:SW1) has achieved a revenue of $24.8 million (unaudited) for the financial year ended June 30 2019, up 11% on last year’s result of $22.3 million.

The company also revealed an annualised recurring revenue (ARR) of $18.5 million, up 18% on last year’s result of $15.7 million, following its $4.5 million acquisition of Medical Media completed in February 2019.

READ: Swift Media has a unique combo of technology, content and advertising: Pitt Street Research

Swift’s FY19 EBITDA is expected to be $2.5 million.

The company noted that several new contract wins in Resources and Aged Care previously anticipated to be finalised in FY19 have been delayed and would have increased the EBITDA significantly.

Swift expects these will boost earnings in H1 FY20.

Medical Media integration

Swift’s integration plan for Medical Media is ahead of schedule and proceeding favourably.

The acquisition is on track to deliver at least $3 million of cost savings in FY20 from business synergies and improvements and is expected to be profitable in FY20.

READ: Swift Media appoints new CEO and chairman, Medical Media acquisition ahead of schedule

Swift chairman Darren Smorgon said: “The past year has been a transformative one for Swift, including the successful acquisition of Medical Media, the recent appointment of a new CEO and Chair and several new contract wins and extensions including in the Aged Care segment.

“The board is comfortable that the company is well funded and strongly positioned to execute on a number of attractive growth opportunities available, and is excited about FY20 where we expect to continue to build on this momentum.”

Quick facts: Swift Media Ltd

Price: 0.036 AUD

ASX:SW1
Market: ASX
Market Cap: $15.86 m
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