Bermudian-based Global Cloud Xchange, the submarine cable network owner/operator, has reported cash revenue growth of 6.6 per cent for the fiscal year ending March 31.

GCX said the revenue of $271.2 million was led by strong recurring revenue and indefeasible right of use (IRU) sales.

Through the Covid-19 pandemic, GCX said it stabilised revenue following the previous four consecutive quarters of decline, and strengthened cashflow while positioning the company for future growth.

The company said revenue growth, combined with cuts to total expenses of $36.7 million, contributed to the successful restructuring of the business.

GCX said Cash EBITDA grew 10-fold year-on-year to $59.4 million, with a dramatic reversal to a positive Recurring EBITDA position of $18.1 million.

The company reported Free Cash Flow of $24.9 million, representing a $82.7-million improvement year-on-year, enabling the business to pay down nearly $10.5 million in debt.

The combination of strong cashflow and deleveraging the business allows GCX to continue reinvesting towards future growth, it said.

The company said the results come a full year after the appointment of Carl Grivner as chief executive officer.

Mr Grivner, also a board member, said: “The audited financials demonstrate that GCX is once again on solid ground with an eye towards future growth.

“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.”

Anja Blumert, chief financial officer of GCX, said: “Our team has delivered on our promise to foster continuous growth. During FY21 we signed over $41 million in IRU deals, we increased cashflow by $82.7 million, paid off $10.5 million in debt, while also reinvesting in the company.”

GCX Holdings Limited (Bermuda), operating as Global Cloud Xchange, said it offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers.

The company said it covers all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves.

GCX said it is expert in providing connectivity throughout Europe, Middle East, Asia and North America via the vast GCX subsea network, which it said is the world’s largest private submarine cable network, with extensions available into more than 200 countries worldwide.