HAMILTON, Bermuda--(BUSINESS WIRE)--Global Cloud Xchange (GCX), a network service provider powering global connectivity for new media providers, telecom carriers and enterprises, announced the results of the first half of their annual fiscal year, detailing the continuation of the company’s strong financial results. Highlights include strong sales, a focus on profitability, cost management measures, and investment discipline resulting in continued growth, resulting in last-twelve-month (LTM) Cash EBITDA of $95 million.
In GCX’s 1H FY’22 fiscal year results for the period ending September 30, 2021, the company posted $51 million Cash EBITDA driven by sustained IRU bookings and further cost reductions. For the LTM period, GCX achieved Cash EBITDA of $95 million, the highest figures since the company entered Chapter 11. Recurring EBITDA for 1H FY’22 increased by 88% from 1H FY’21. GCX continues to drive revenue growth while controlling expenses and repaying debt.
“GCX continues to focus on increasing profitability through retention and driving sales, while maintaining a disciplined investment approach,” said Chief Financial Officer Anja Blumert. “The company is well positioned in the coming quarters to grow leased bandwidth services based on a strong order book.”
The company’s financial results come shortly after the recent announcement that 3i Infrastructure plc agreed to invest approximately $512 million to acquire a 100 percent stake in GCX, pending regulatory approvals.
“These first-half fiscal results demonstrate what our team continues to believe, that GCX has real value in our unique network assets,” said CEO Carl Grivner. “Our strategy and approach is preserving that value for our customers, and that is a big part of what prompted 3i Infrastructure to invest in the business. With that kind of support going forward, GCX is well positioned to explore new strategic partnerships to rejuvenate inventory, expand offerings, and grow our global footprint.”
Global demand for submarine network bandwidth and services continues to grow, especially in emerging markets in the Middle East and Asia among others. GCX owns and operates one of the world’s largest privately-owned submarine networks and supports increasing needs for fiber optic interconnectivity. GCX is committed to maintaining its financial strength and prioritizing sustainable growth through both organic and inorganic initiatives.
For more information, visit www.globalcloudxchange.com.
About Global Cloud Xchange
GCX Holdings Limited (Bermuda), operating as Global Cloud Xchange (GCX), offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves. With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout Europe, Middle East, Asia and North America via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide. To learn more about GCX, follow us on Facebook, LinkedIn, and Twitter.