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Article published on Rising ASX, 23 Jan 2024 | Louis Allen

Perth-based internet provider Pentanet (5GG) has reported a 17 per cent jump in revenue year on year (YoY) for FY23 to $19.7 million.

The company attributed its gains to off-net service price increases, which bolstered off-net recurring revenue by 25 per cent YoY – as well as an increase in on-net subscription revenue, lifting by 10 per cent YoY.

Meanwhile, Pentanet posted a 15 per cent rise in gross profit to $8.5 million for FY23.

5GG Managing Director Stephen Cornish said FY23 posed challenges for the company, despite registering double-digit growth in both revenue and gross profit.

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Pentanet (ASX:5GG) well-placed to drive growth in FY24