5G Networks (5GN) on Friday 23rd November, conducted its first Annual General Meeting since listing in November 2017, where the chairman and board received strong affirmations from shareholders that the acquisition strategy is paying off.
Managing Director Mr Joseph Demase, highlighted the exceptional growth achievement of the company, from listing revenue of $2m to annualised revenue of circa $50m. 5GN’s footprint now boasts a national presence of 12 office locations around the country, with a range of business solutions soon to be augmented with a nationwide data network (MPLS) launching early 2019.
The growth has been accelerated by the recent acquisitions of both Anittel and Hostworks which are being integrated into the broader 5G Networks organisation as well as new organic business via cross selling of products and services.
“We are uncovering many high value assets within these businesses; they have been under-indexed in terms of resource focus and support for some time.” Mr Demase stated.
Mr Demase also highlighted that the 5GN acquisition strategy has rewarded the company and its shareholders with strong growth in positive cashflows.
“Our first year of quarter on quarter cashflow performance (140% CAGR) has been underpinned by the effective management of costs and the ongoing integration of both Anittel and Hostworks. The integration program is a core part of our DNA and the project remains ahead of schedule which is delivering benefits faster than expected. “
He also stated that the acquisition strategy will continue to be executed to ensure the growth of the business extends long into the future. This includes a growing interest in those infrastructure businesses which present under-indexed business performance and can be brought to life through ongoing integration of the 5GN assets.