- Telecommunications provider United Networks (UNL) has entered a trading halt ahead of a proposed capital raise
- Last week, the company released its FY20 annual report, which detailed a 440 per cent increase in aggregated revenue, from $3 million to $16.3 million
- UNL also ended the period with $2.9 million cash on hand
- In the last financial year, the telco business completed four acquisitions with a fifth following last August
- Chairman, Anthony Ghattas, claimed the business is focussed on building a strong recurring revenue base and acquiring ‘like-for-like’ telco and managed service companies
- Company shares last traded for seven cents on Friday, October 9
United Networks (UNL) has entered a trading halt ahead of a capital raise announcement.
The company will remain in the trading halt until the earlier commencement of trading on Wednesday, October 14, unless details of the capital raise are announced beforehand.
United Networks is an Australia-based IT and telecommunications services provider.
Last week, the company released a pleasing annual report for the 2020 financial year.
The report detailed a significant 440 per cent increase from $3 million to $16.3 million in aggregated revenue. Net profit after tax (NPAT) increased to $2.6 million from a net loss after tax of $1.1 million in FY19.
The company also ended the period with $2.9 million cash on hand.
Non-Executive Chairman, Anthony Ghattas, claimed the business will focus on building a strong recurring revenue base and acquiring ‘like-for-like’ telco and managed service companies.
During FY20, United Networks completed four acquisitions, which include Broadland Solutions, Broadland Victoria, NextCom and Symmetry Networks. In early August, the company also acquired C3 Innovations.
Signing off, United said it considers its acquisition method a strong contributor to increased recurring revenues and geographical expansion opportunities.
Company shares last traded for seven cents on Friday, October 9.