viewSwift Media Ltd

Swift Media highlights period of development and change during FY2019

The company broadened the footprint of its flagship digital entertainment systems in the resources and aged care sectors during FY2019.

Swift Media Ltd - Swift Media highlights year of development and change in FY2019 report
Swift’s annualised contracted revenue in FY19 increased 18% year-on-year to $18.8 million.

Swift Media Ltd (ASX:SW1) has highlighted ‘a year of development and change’ in its annual report for the 12 months ending June 30.

The company's achievements for FY19 included acquiring Medical Media in February, appointing a new chair and chief executive officer in June and taking steps to simplify the business.

Non-executive chairman Darren Smorgon said Swift was now well-positioned to benefit from the substantial size and attractive fundamentals of its three target verticals - Resources, Aged Care and Health & Wellness.

“The acquisition of Medical Media was aimed at broadening Swift’s market penetration into the health & wellness sector by adding its network of more than 2,200 digital screens, delivering content to more than 5 million viewers every month.

On track to deliver $3 million in cost savings

“Medical Media is performing well and is on track to deliver the previously advised $3 million in cost savings as well as to deliver profits on a full year basis from FY20.

“Post financial year-end, to boost our financial position Swift secured a financing agreement with L1 Capital Global Opportunities Fund and Lind Global Macro Fund.

“The funding provides Swift with up to $3.6 million to fund strategic growth investment including a new CRM system which will benefit the entire business as well as rolling out new screens to the health and wellness segment.”

Strategic roadmap

Smorgon outlined the company’s strategic roadmap and key priorities for FY20:

  • Upgrade product offering in residential aged care to accelerate growth;
  • Leverage market-leading position in resources and mining to increase share; and
  • Scale health and wellness by improving and expanding the screen network and increase national advertising.

CEO Pippa Leary said in the report, "Looking forward FY20 will be a transitional year as we enhance product, make growth investments, upgrade skillsets and position the business for long-term sustainable growth.

"Now with a solid plan in place that has been communicated both to staff and the Board I am looking forward to the challenge of taking the Swift Media business to its next phase of growth."

New director

Subsequent to the appointments of CEO and new chairman Darren Smorgon, the advertising solutions provider has appointed Katherine Ostin as an independent non-executive director.

Ostin has substantial experience in the aged care and healthcare sectors having established and led KPMG’s New South Wales Health, Ageing and Human Services Practice since 2006 until her departure in December 2018.

She is currently a non-executive director of eftpos Payments Australia, where she is chair of the Finance & Financial Audit Committee, chair of the Risk and Internal Audit Committee and a member of the Pricing and Rebates Committee.

Ostin will join the company’s Audit Committee as chair and will stand for re-election at the company’s Annual General Meeting.

Smorgon said, “We are delighted to welcome Kathy to the Swift Board. She has tremendous experience and connections in the Aged Care sector which is a key strategic growth vertical for Swift. We look forward to her contribution as we grow in this important market.”

Non-executive director Paul Doropoulos has also decided to step down from the Board after holding his position for five years.

Smorgon said, “Paul has added substantial value to Swift during his five years on the Board. We thank Paul for his contribution to Swift since its listing and wish him the very best for the future.”

Quick facts: Swift Media Ltd

Price: 0.04 AUD

Market: ASX
Market Cap: $17.62 m

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