On 21 January 2019, Swift Network Group Limited (ASX: SW1) has provided an update on some of its recent successes in the Resources sector.
Swift Network Group Limited is an advertising and content solutions provider. The company provides its solutions across segments of Resources, hospitals, aged care, and Retirement & Lifestyle. The company offers free-to-air television, internet, data, video on demand and other related services to their customers.
Swift Network Group Limited has extended its contract with Compass Group which was initially announced on 9 September 2016. The company is providing in-room services to Gateway Village in Port Hedland, WA (Western Australia). Now, with the help of the new contract the company will expand its coverage area. The company initially had contracted 800 rooms, and it is expected to add 442 rooms.
Compass has engaged Swift to start a network infrastructure refit to authorize Wi-Fi internet provision with ongoing support over the new contract’s two-year term.
Swift with Telstra has delivered a new Resources sector win. The company seals a three-year contract so that they can jointly provide in-room digital services to Voyages’ 64-room workforce accommodation facility. This facility is in Alice Springs, Australia’s Northern Territory. Swift Network with the help of Telstra is going to design, construct, and install network infrastructure so that they can deliver the Wi-Fi internet services to each room. The company is also going to provide its market-leading entertainment and crew welfare system.
Swift has also expanded its contract with Western Areas Limited. The company originally entered the contract in 2014, till that time the company was providing its in-room digital services to the 465-bed accommodation village. Now, the new contract will expand Swift’s contract to 533 rooms from 68 rooms. The company will also provide an on-site phone network upgrade.
With the help of company’s reseller partner DXC, the company has extended long-standing support of a Tier 1 LNG Operator located in WA. This extension will provide an additional 280 rooms with its in-room digital services.
FY18 Financial Performance: The Company’s total comprehensive loss for the year stood at $5,944,330 in FY18, (over the prior year which was -$1,982,074). The diluted loss per share for the year stood at 0.0007 cents per share. On Balance Sheet front, Net Assets for the year stood at $4,533,373 in FY18, (over the prior year which was $5,498,198). As at 30 June 2018, the company had cash and cash equivalents of $2,381 (over the previous year which was $60,814). In FY18, the company has not declared any dividend for its shareholders.
Stock performance: The shares of Swift Network Group Limited closed the day’s session at A$0.300 (21 January 2019), up by 3.448%. The market capitalization of the company stands at circa $35.2 Million with 121.39 million outstanding shares. In the period of the previous six and three months, the stock delivered the negative return of 26.58% and 6.45%, respectively. During the last month, SW1 provided a positive return of 20.83%.
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