- Beam Communications (BCC) posts record full-year revenue and profit before tax (PBT) for the 2021 financial year (FY21)
- The company enjoyed strong growth across most of its business areas, with sales of its ZOLEO hardware highlighted as a particular standout
- Total revenue for the period hit an all-time high of $19.5 million — up 16 per cent on the prior fiscal year, with PBT recorded at more than $780,000
- The company anticipates further revenue and earnings growth in FY22
- Shares closed down 5.45 per cent at 26 cents each on August 30
Beam Communications (BCC) has posted record full-year revenue and profit before tax (PBT) for the 2021 financial year (FY21) thanks to growth in its business.
Revenue for ordinary activities clocked in at $18.5 million for the 12 months to June 30, representing a 24 per cent jump compared to FY20.
Following suit, total revenue for the year hit an all-time high of $19.5 million — up 16 per cent from the prior fiscal year.
Beam’s PBT grew to more than $780,000, marking a turnaround from a $1.5 million loss suffered in the prior corresponding period. According to BCC, this shift was largely driven by lower depreciation and amortisation charges.
In a statement today, the company attributed the results to strong growth in most areas of its business, with sales of its ZOLEO hardware highlighted as a standout.
BCC invoiced close to 34,000 ZOLEO devices in FY21, representing a more-than-five-fold increase on FY20 in light of accelerated demand in the US and Australia.
However the group’s earnings before interest, tax, depreciation and amortisation (EBITDA) came in at just $2 million — down from $3 million recorded the year before.
Beam said EBITDA would have surpassed that seen in FY20 were it not for a substantially larger research and development grant received from the Australian Government in the prior year and its subsequent investment in resources to support sales ramp-up.
Other highlights for the period included a 27.5 per cent rise in sales through BCC’s wholly owned subsidiary and largest Telstra satellite equipment provider, SatPhone.
Sales of Beam’s other equipment — excluding ZOLEO — were comparatively strong throughout the period, with new orders taking the total number of Iridium Go! devices sold to 57,500 since its launch in 2014.
While sales of Beam-branded equipment, including docking units and headsets, fell 10 per cent over the year, the company said the result was “better than expected” given the impacts of COVID-19 on the enterprise and government sectors, specifically in maritime applications.
Outlook for FY22
Looking ahead, Beam said it expected its EBITDA margins to improve materially in line with higher subscription revenues anticipated from FY22 onwards.
ZOLEO is reportedly on track to enter the United Kingdom and select European markets early in the new year and was made available in New Zealand in early August.
The company continues to develop its next generation of Iridium satellite devices called Iridium Certus, which will be capable of faster data speeds.
Despite the results, shares closed down 5.45 per cent at 26 cents each on August 30.