Field Solutions Group returns to profit for FY21

field solutions group, financial results, telco, contract with MyRepublic, 5G spectrum throughout regional Australia, five-year MVNO agreement with Optus

Regional telco Field Solutions Group has released its FY21 results, showing bumper growth over the results for 2020.

The company saw revenue of $18.8 million, an increase of 77 percent over FY20.

EBITDA was $2.2 million, up from $0.4 million, and NPAT was $2.1 million, up from a $0.5 million loss in FY20.

“FSG delivered record organic revenue growth, exceptional EBITDA and NPAT growth in FY21,” FSG chief executive Andrew Roberts in the announcement.

“The outstanding results delivered by our team means we commenced FY22 with a backlog of committed contracts valued at more than $40 million.”

The results announcement said they are a reflection of a successful strategy to build network infrastructure in rural, regional, and remote Australia.

“Throughout the course of FY21, FSG has successfully won strategic funding via a number of State and Federal Government programs”, Roberts said.

Grants included the Federal Government’s Regional Connectivity Program Round 1, totalling $27.4 million, and FSG is preparing for Round 2 to be released in the coming months.

Other wins throughout the year included the entry into WA with the $2.1 million Digital Farm Grants Program; a six-year, $45 million network-as-a-service contract with MyRepublic; winning 5G spectrum throughout regional Australia; and a five-year MVNO agreement with Optus.

“Throughout the course of FY21, FSG has successfully won strategic funding via a number of State and Federal Government programs”, Roberts said.

“FY21 saw the beginning of our strategy to unlock network rollout synergies by introducing new revenue streams through the addition of managed services and wholesale products and services across our network.

“We have seen strong revenue growth in our B2B, government and enterprise channels, rewarded by a six-year wholesale supply deal with MyRepublic totalling $45M.”

For FY22, Roberts said the strategy would be to complete the current 16 committed network builds and develop its wholesale, government and enterprise markets.

“We look forward to deploying our next generation wireless network (FSG RAN) delivering 4G and 5G services in FY22, and we are well-positioned to explore targeted M&A that enhances our connectivity solutions for the businesses, agribusiness and residents of rural, regional and remote Australia,” he said.

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