• Leading telecommunications carrier for rural, regional and remote Australia
• Diversified managed IT capabilities and scalable national network
• Restructuring operations to streamline and focus on high-margin products

Field Solutions Holdings Ltd (FSG) is a leading telecommunications and IT service provider operating two distinct business units. The Infrastructure unit builds and develops telecommunications infrastructure, delivering internet broadband, IoT and mobile services (4G/5G) from a single asset and changing the way mobile assets and services are delivered and monetised. The Core Digital Enablement unit provides national core network, ISP and managed IT services targeted at key industries. The company has seen 7 years of consecutive revenue and EBITDA growth, with FY24 revenue of $63.43m and EBITDA of $5.39m. However, the first 6 months of FY25 have seen lower than expected non-recurring revenue and margins, leading to a strategic review. The review identified risks around high revenue concentration and unfavourable commercial terms in the mining and wholesale groups. As a result, the company is restructuring operations to streamline, reduce risk and focus on areas with greater growth potential, including exiting the nbn tails wholesale business, divesting high-capex/unfavourable customer projects, and implementing opex reductions. The company is also recapitalising and restructuring debt, with a board refresh. Looking ahead, the company is forecasting a recovery and growth in FY27, targeting EBITDA margins above 11%, driven by a focus on high-margin business, enterprise and government customers, product innovation and the build-out of Australia's 4th mobile network, which is being supported by significant government grants.

The company is forecasting revenue of $63.43m and EBITDA of $5.39m for FY24, representing year-on-year growth of 13% and 5% respectively. The restructuring is expected to have a 6-month impact on revenues and costs in FY25, with the aim of stabilising gross margins above 50% and reducing capital and work-in-progress exposure.

The company is forecasting a recovery and growth in FY27, targeting EBITDA margins above 11%, driven by a focus on high-margin business, enterprise and government customers, product innovation and the build-out of Australia's 4th mobile network, which is being supported by significant government grants. The company is also looking to diversify its revenue streams by adding locations to its infrastructure portfolio, utilising existing unused infrastructure and greenfield development, as well as diversifying its customer base to include multiple mobile network operators and other access seekers.