"FSG delivered record organic revenue growth, exceptional EBITDA and NPAT growth in FY21" said FSG CEO Andrew Roberts.

Revenue was $18.8 million (up 77% ), EBITDA was $2.2 million (up 485%) and NPAT was $2.1 million compared with a $0.5 million loss in the previous year.

"The outstanding results delivered by our team, means we commenced FY22 with a backlog of committed contracts valued at more than $40 million" he added.

The company attributes the results to the success of its strategy to build network infrastructure in rural, regional, and remote Australia.

"Throughout the course of FY21, FSG has successfully won strategic funding via a number of State and Federal Government programs", said Roberts.

This included $27.4 million in grants under the Federal Government's Regional Connectivity Program Round 1, and $2.1 million under the Western Australia Digital Farm Grants Program.

Business highlights included a six-year, $45 million network-as-a-service agreement with My Republic, a five-year MVNO agreement with Optus for mobile voice and data services, and a $900,000 contract from the New South Wales Government to connect the New South Wales and Queensland networks.

In addition, FSG secured 5G spectrum covering over 85% of Australia in rural, regional, and remote areas.

Looking ahead to the 2022 financial year, Roberts said "We look forward to deploying our next generation wireless network (FSG RAN) delivering 4G and 5G services in FY22, and we are well-positioned to explore targeted M and A that enhances our connectivity solutions for the businesses, agribusiness and residents of rural, regional and remote Australia."