For the period ending 31 March 2021, GCX managed to stabilised revenue following four consecutive quarters of decline as well as strengthened its cash flow, through the pandemic.
In addition to increased revenues, due in part to strong recurring revenue and IRU sales, the company also reported cuts of $36.7 million to its total expenses, a 10-fold increase of $59.4 million to its cash EBITDA and recurring EBITDA of $18.1 million, YoY.
“The audited financials demonstrate that GCX is once again on solid ground with an eye toward future growth,” says Carl Grivner, CEO and board member of GCX.
“Over the past year, our team has been focused on serving customers, bolstering technologies and solutions, and creating shareholder value. It’s a testament to the entire GCX team for their discipline, passion and commitment that enabled us to achieve these positive results.”
Other result includes a free cash flow of $24.9 million, representing a $82.7 million increase YoY, enabling the GCX to paydown nearly $10.5 million in debt, positioning the company to continue reinvesting in its future growth.
The positive results follows a full year after the appointment of Carl Grivner as CEO and underpins the successful restructuring of the business which completed at the start of the year.
“Our team has delivered on our promise to foster continuous growth,” said Anja Blumert, CFO of GCX.
“During FY21 we signed over $41 million in IRU deals, we increased cash flow by $82.7 million, paid off $10.5 million in debt, while also reinvesting in the company.”
As a network service provider across both subsea and terrestrial, the company has witnessed a steady rise in bandwidth consumption across emerging markets. GCX says it will continue to maintain its financial strength and growth through both organic and inorganic initiatives.
