- Licensed telecommunications carrier 5G Networks (5GN) has reported its business operations have seen an incline during the COVID-19 pandemic
- This is due to customers working on a more flexible basis either from home or remote locations
- The telecoms company assures it has the capacity to meet the increasing demand for its network services
- 5G’s financial position remains strong with $4.2 million in cash, $1.3 million of undrawn debt and consistently flowing revenues
- 5G Networks is up 1.60 per cent and shares are trading for 78 cents each
Licensed telecommunications carrier 5G Networks (5GN) has reported its business operations have seen an incline as more customers are working from home.
The company’s financial position is stable because over 80 per cent of its revenue consists of contracted and recurring revenues.
In terms of sales, 5G reported a record $2 million in cashflows for the December 2019 quarter and the company expects this to continue. It is also well funded with roughly $4.2 million in cash and $1.3 million in undrawn debt.
As network connectivity, cloud and data centre services and managed IT are all considered an essential service for customers, 5G Networks’ continues to operate. It is, however, making sure it monitors COVID-19 developments and follows the latest guidelines issued by the Government.
5G Networks is focused on supporting its customers as they transition to new working arrangements through their laptops, VPN access technology and the increase of network and internet capacity.
The telecoms company uses the latest technology to support flexible working solutions and assures it has the capacity to meet the increasing demand for its services.
But it continues to work closely with key suppliers to make sure the reliability of product supply and services is ongoing.
5G Networks is up 1.60 per cent and shares are trading for 78 cents each at 12:50 pm AEDT.