Global Cloud Xchange (GCX) has announced the results of the first half of their annual fiscal year, the first since the announced US$512 million acquisition by 3i Infrastructure.

The company has reported a cash EBITDA of $95 million over the last 12 months (LTM).

In GCX’s 1H FY’22 fiscal year results for the period ending September 30, 2021, the operator posted $51 million Cash EBITDA driven by sustained IRU bookings and further cost reductions.

For the LTM period, GCX achieved Cash EBITDA of $95 million, the highest figures since the company entered Chapter 11.

Recurring EBITDA for 1H FY’22 increased by 88% from 1H FY’21. GCX continues to drive revenue growth while controlling expenses and repaying debt, it said in a statement.

CFO Anja Blumert commented: “GCX continues to focus on increasing profitability through retention and driving sales, while maintaining a disciplined investment approach.

“The company is well positioned in the coming quarters to grow leased bandwidth services based on a strong order book.”

The company’s financial results come shortly after the recent announcement that 3i Infrastructure plc agreed to invest approximately $512 million to acquire a 100 percent stake in GCX, pending regulatory approvals.

Chief executive Carl Grivner added: “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.”

Global demand for submarine network bandwidth and services continues to grow, especially in emerging markets in the Middle East and Asia among others.

GCX owns and operates one of the world’s largest privately-owned submarine networks and supports increasing needs for fibre optic interconnectivity.