There is nothing dull about 5G Networks’ (ASX:5GN) half year results, with revenue rising a ridiculous 1900 per cent over the same period a year ago.

But most importantly, it signalled a dividend after the full year results are out, indicating the board thinks they are going to keep throwing off free cash to hand out to investors and to use in future acquisitions.

5G Networks says it has every intention to buy more companies this year.

The B2B telco made $23.6m in revenue, compared to $1.1m in the last six months of calendar 2017.

However there was also a surge in the company’s half year loss which worsened from $8000 to $1.5m.

The loss includes the cost of acquiring Anittel and Hostworks from Inabox (ASX:INA) in the last six months.

Harley Grosser, founder of Capital H Management, is impressed.

He told Stockhead the underlying results were stronger than the headline, or statutory numbers above might suggest because those acquisitions have only been bedded down for five months.

He says the second half should be when the numbers show the full impact of the two new businesses and the cost savings that have been made.

Mr Grosser is looking not at the statutory loss but the EBITDA (earnings before interest, tax, depreciation and amortisation) and operating free cash.

You missed your chance if you wanted to get into 5G Networks on the cheap.

He says the fact that EBITDA of $1.4m, an underlying measure of a company’s earnings, matches exactly the positive operating cash flow is a very good sign and will be a driver of where the stock price can go.

5G Networks shares rose 18 per cent to 72c.