Source: Swift Networks
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Swift Networks (SW1) signs four new contracts worth $3.4 million with existing cusotmers Shell Prelude, Western Areas, AngloGold, and McKenzie Aged Care
  • Under the contracts, the companies will continue to use Swift’s propriety engagement, communications, and entertainment platform
  • Swift has disclosed that no individual contract currently generates future revenue over $1 million
  • SW1 shares are up 11.1 per cent, trading at 2 cents each

Swift Networks (SW1) has secured four new agreements with existing customers Shell Prelude, Western Areas, AngloGold, and McKenzie Aged Care for a total contract value of $3.4 million, 85 per cent of which is subscription revenue.

Under the new contracts, the companies will continue to use Swift’s propriety engagement, communications, and entertainment platform.

“These new contracts are the result of the hard work done by Swift’s Aged Care and Mining and Resources sales teams and demonstrates our strong subscription revenue base,” said CEO Brian Mangano.

“Having worked with these customers for many years, we’re excited to continue servicing their residents and staff, and look forward to the positive impact that Swift’s unique product offering will have in the years to come.”

Shell has engaged Swift to deploy the company’s proprietary engagement, communication, and entertainment solutions to the Shell Prelude Floating Liquefied Natural Gas (FLNG) facility.

The new contract upgrades Shell Preludes existing system in FY23 and continues subscription revenue for 24 months, which Swift believes that the contract highlights the company’s system flexibility and strengthens its position in the offshore oil & gas sector.

Western Areas and AngloGold both have extended their subscription and support services in their new contracts to three years and 12 months respectively.

McKenzie Aged Care has signed on for an additional term which will see Swift Access continued to be implemented across all 17 of their Residential Aged Care facilities.

The company has disclosed that no individual contract currently generates future revenue over $1 million.

Just before the market closes for the day, SW1 shares were up 11.1 per cent, trading at 2 cents each as of 3:51 pm AEST.

SW1 by the numbers
More From The Market Herald

" Wiseway Group (ASX:WWG) launches $4m entitlement offer

Wiseway Group (ASX:WWG) has launched a four to 25 pro-rata non-renounceable entitlement offer to raise up…
Pursuit Minerals (ASX:PUR) - Managing Director, Bob Affleck

" Pursuit Minerals (ASX:PUR) sells Scandinavian projects for $3m

Pursuit Minerals (ASX:PUR) has settled the sale of its nickel and vanadium projects in Norway, Sweden…
Payright (ASX:PYR) - Joint CEOs, Piers Redward (left) and Myles Redward (right)

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…
X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley

" X2M Connect (ASX:X2M) wins three contracts in South Korea

X2M Connect (ASX:X2M) has won three new contracts in South Korea for remote water monitoring and…