Comms Group financial results for 1H FY24

Comms Group Limited (ASX: $CCG) has reported a 4% increase in total revenue to $27m and a 29% rise in underlying EBITDA to $3.0m for the half year ended 31 December 2023. The company's full year FY24 guidance includes group revenues at $53m to $55m and underlying EBITDA of $6.5m to $7.0m.

CEO and Managing Director's commentary on 1H FY24 results

We are pleased to see the increase in the revenue and underlying profitability of the business in the 1st half of FY24. We are strongly encouraged by the results and opportunities of each of our three operating businesses including Global, SME telecommunications and ICT services with all three business units showing an increasing trend in monthly underlying EBITDA.

Summary of 1H FY24 results and outlook

Comms Group Limited (ASX: $CCG) has reported a solid increase in total revenue and underlying EBITDA for the 1H FY24, driven by growth in the Global, SME telecommunications, and ICT services businesses. The company's focus on cost management and the completion of synergy projects have resulted in improved margins and cost savings. With a healthy sales pipeline and positive trajectory in key partnerships, Comms Group expects to achieve group revenues at $53m to $55m and underlying EBITDA of $6.5m to $7.0m for FY24. The expansion of global reach and opportunities in the Asia Pacific region are expected to contribute to further positive developments in the next quarter.