Symbio Reports 1H24 Results
Sydney, Feb 21, 2024 AEST (ABN Newswire) - Symbio Holdings Limited (
ASX:SYM), a leading voice communications software provider, today announced its financial results for the half year ended 31 December 2023 ("1H'24"), reiterating FY24 EBITDA guidance of $30 million to $35 million as announced in its FY23 results.
This follows Symbio's announcement on 19 February 2024 that the scheme of arrangement between Symbio and its shareholders, under which Aussie Broadband Ltd (ASX: ABB) will acquire 100% of the issued shares in Symbio ("Scheme"), has become effective.
1H24 summary:
- Recurring revenue up 13% to $64.4 million (1H23: $57.2 million)
- Recurring gross margin up 19% to $38.1 million (1H23: $32.1 million)
- EBITDA up 41% to $16.3 million (1H23: $11.6 million)
- NPATA up 59% to $7.0 million (1H23: $4.4 million)
- Earnings per share of -2.3 cents per share (1H23: 0.1 per share)
- Strong balance sheet with $45.9 million in cash and no drawn debt as at 31 December 2023
- Symbio shareholders vote in favour of Aussie Broadband Scheme
- Special dividend of $0.35 fully franked per Symbio share, to be paid on 28 February 2024
Commenting on the results, Symbio Co-founder and CEO Mr. Rene Sugo said:
"Symbio has returned to organic revenue and gross margin growth in the first half of FY24 after a challenging FY23. The ongoing focus on cost efficiency and optimisation has boosted EBITDA growth in this first half. Symbio is profitable and cash generative, and performance to date has been consistent with previous guidance expectations."
Scheme effective
On 1 November 2023. Symbio entered into a Scheme Implementation Agreement with ABB regarding the Scheme. At the scheme meeting held on 7 February 2024:
- 97.81% of the votes cast by Symbio shareholders were in favour of the resolution to approve the Scheme ("Scheme Resolution"); and
- 92.37% of Symbio shareholders present and voting at the scheme meeting (either in person or by proxy) were in favour of the Scheme Resolution.
On 16 February 2024, the Federal Court of Australia ("Court") made orders approving the Scheme.
Symbio lodged an office copy of the Court's orders with ASIC on 19 February 2024, following which the Scheme became effective. Implementation of the Scheme is expected to occur on 28 February 2024. The Scheme Consideration and the fully franked special dividend of $0.35 per Symbio share will be paid on 28 February 2024.
About Symbio Holdings Limited
Symbio Holdings Limited (ASX:SYM) is a software company changing the way the world communicates.
Symbio's technology replaces old-fashioned telecom networks with software, making it faster and easier to deliver modern cloud-based communication services, unlocking endless new applications for calling, messaging and phone numbers.
Symbio is the backbone for the global cloud communication industry. Over 500 service providers - from telecom start-ups to the world's biggest software companies - rely on Symbio for the connectivity, quality and expertise they need to solve complex communication challenges.
Headquartered in Sydney, Symbio powers billions of calls and messages each year, owns networks in three countries and employs over 450 staff worldwide.
For more information about Symbio visit www.symbio.global
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