This came across my desk today. Good to see the MD keeping...

This came across my desk today. Good to see the MD keeping shareholders updated. Feels like 2024 is finally THE year

As Swift Networks Group Ltd Managing Director, I want to drop a quick line to our shareholders and supporters to recap our operational highlights from CY 2023 and provide a roadmap for what promises to be a watershed year for Swift in CY 2024.

As a provider of a bespoke entertainment and engagement solution for mining/resources and aged care communities, Swift Networks is a Software as a Service (SaaS) business committed to innovation. Our investment in R&D over recent years has led us to develop our best-in-class Swift Access platform featuring our new Aged Care Engagement (ACE) offering. The next generation Swift Access product is due for commercial release in Q4 2024. Preparations to make ACE available to the global aged care market will continue throughout CY2024, and we aim to enter international markets in 2025.

With several contract wins achieved over CY 2023 being installed in the coming months, Swift is set for a year of outstanding growth in CY 2024.

In the mining and resources market, Swift’s position as a service provider to tier-1 clients is underpinned by an imminent instalment program that increases our subscription numbers for Swift Access in Villages supporting operations for globally significant resources groups such as Mineral Resources, Roy Hill, Iluka, INPEX and Anglo Gold. The Swift Access platform provides residents within these communities with the latest movie and television content whilst avoiding unnecessary demands on bandwidth best reserved for use in project operations.  Swift Access also provides our clients with an easy-to-manage platform to deliver key corporate communications, as well as essential on-site information to deliver key regulatory, compliance and staff engagement requirements.

In the Aged Care market, Swift is eyeing a global opportunity of extraordinary scale. The ACE product will revolutionise the role of the TV in delivering communication and engagement objectives within these communities by supporting Providers in building inclusive communities and in supporting residents, and helping their families and friends stay connected. While ACE will be easy for residents and staff to use, the technology is difficult to replicate.

With a beachhead in the Australian and New Zealand aged care sector, the ACE product will likely appeal in several international regions with the potential for Swift to penetrate very large markets in the USA and UK. Currently, Swift is busy arranging the installation of Swift solutions for aged care facilities at Resthaven Craigmore and Eldercare Goodwood in South Australia, Retirees Salter Point in Perth, and Toosey Aged Care in Tasmania. We are also installing Swift Access to major aged care provider Uniting Care, who now supply our entertainment and engagement solution to 30 Uniting Care facilities.

The launch of ACE into the aged care market in 2024 provides Swift Networks with a company-making opportunity to establish itself as the leading in-room entertainment and engagement solution within the aged care market. In addition, substantial new opportunities remain in our traditional mining and resources market, where our bespoke Swift Access solution differentiates Swift Networks from Foxtel’s one-size-fits-all product.

Financially, Swift enters CY 2024 from a position of strength, recording a $1.1m EBITDA from $19.1m in revenue for FY 2023. Importantly, the company has entered FY 2024 with $14m in recurring subscription revenue already locked in.

Swift Networks seeks to leverage our established market presence, commitment to innovation and financial strength to continue our expansion in key markets. With an extremely strong tender pipeline, we look forward to delivering several new contracts over the course of CY 2024.

Keep an eye out for our progress in 2024, and Happy New Year from all of us at Swift Networks!

Brian Mangano
Managing Director