BigAir delivers record underlying EBITDA in FY1122-Aug-2011

BigAir Group Limited (“BigAir”) delivered a 104% increase in Full Year Revenue with $15.5 million in FY11 versus the $7.6 million Full Year Revenue recorded in FY10. The Company also delivered record underlying EBITDA profit for FY11 of $5.4 million an increase of 69% versus the $3.2 million EBITDA recorded in FY10, and well ahead of its revised market guidance of $5.2 million.

Importantly the FY11 Full Year Revenue and EBITDA only includes a 6 month contribution from the recent acquisitions of Clever Communications Limited (“Clever”) and AccessPlus which were consolidated going forward from January 2011 and will therefore deliver a significant further expansion of Revenue and EBITDA in FY12 along with substantial cost synergies.

Key highlights for FY11 include:

  • Revenue $15.5 million - up 104% 

  • Gross Profit $10.9 million - up 81% 

  • Underlying EBITDA $5.4 million - up 69% 

  • Net Operating Cash Flow $5.0 million - up 72% 

  • Underlying Profit Before Tax $2.9m - up 35% 

  • Underlying NPAT $2.0m - up 30% 

  • Consolidation of Clever mostly complete - 6 months revenue contribution in FY11 

  • AccessPlus consolidation complete and fully integrated as BigAir Community Internet division along with StarTech assets – 6 months revenue contribution 

  • Strong balance sheet with zero debt and $2.8 million cash 

BigAir CEO Jason Ashton said the results for the full year were very pleasing especially considering the various complex acquisitions that were completed during the year and the related consolidation work that was required to be undertaken by the BigAir team.

”BigAir has had an excellent year with solid organic growth despite the large amount of work undertaken by the team on three different acquisitions and the intensive integration work required to fully integrate these businesses together. With the acquisition of our largest competitor Clever we have cemented our position as the leading Fixed Wireless network for businesses and we are well placed to capitalise on this position as business demand for high speed access and redundancy increases over time with several demand drivers now emerging including cloud computing,” he said.