Why the Superloop (ASX:SLC) share price is surging higher today // Motley Fool Australia

The Superloop Ltd (ASX: SLC) share price has been a strong performer on Wednesday.

In afternoon trade the independent connectivity services provider’s shares are up over 4% to 98 cents.

Why is the Superloop share price climbing higher?

Investors have been buying Superloop’s shares following the release of an update at its annual general meeting this morning.

At the meeting the company provided investors with a reminder of how it performed in FY 2020 and its performance so far in the new financial year.

In FY 2020, Superloop delivered revenue of $107 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $13.5 million. The latter meant the company achieved the midpoint of its guidance range despite…