GCX says it is well positioned to grow after $51m cash ebitda
Global Cloud Xchange, the Bermudian-based submarine cable network owner/operator, has reported cash ebitda of $51 million for the six-month period ending September 30.
The network service provider, which powers global connectivity for new media providers, telecom carriers and enterprises, said highlights of the past six months include strong sales, a focus on profitability, cost management measures and investment discipline resulting in continued growth.
The company said the half-year result was driven by sustained IRU (indefeasible right of use) bookings and further cost reductions.
The results during the first half of fiscal year 2022 give GCX last-12-month cash ebitda of $95 million.
Recurring ebitdafor the first half of fiscal year 2022 increased by 88 per cent from the same period in fiscal year 2021, the company reported.
GCX said it continues to drive revenue growth while controlling expenses and repaying debt.
The company said its financial results come shortly after the recent announcement that 3i Infrastructure plc agreed to invest approximately $512 million to acquire a 100 per cent stake in GCX, pending regulatory approvals.
CEO Carl Grivner said: “These first-half fiscal results demonstrate what our team continues to believe: that GCX has real value in our unique network assets.
“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.”