Aussie Broadband Makes Strong FY22 Forecast
Aussie Broadband has forecast it will connect between 85,000 to 95,000 houses to its network over the first six months of the year, which will bring the company to between 580,000 and 590,000 active broadband connections.
The company’s adjusted EBITDA is forecast to hit between $27 million and $30 million over the six-month period.
Aussie Broadband finalised its $344 million acquisition of Brisbane telco and IT provider Over The Wire last week.
The deal will see Aussie Broadband’s workforce swell to over 1,000 employees, and the company acquire roughly 16,000 business, enterprise, government and wholesale customers from Over The Wire. Over the Wire’s CEO, Michael Omeros, will join Aussie’s board of directors.
“This acquisition gives us the chance to expand our product and skill capability and further accelerate our growth in the enterprise/wholesale markets in Australia,” said Aussie Broadband MD Phillip Britt
Shares have risen 0.55 per cent this morning, and as of 11:30pm sit at $5.44. This marks growth of over 5X since the company first floated on the ASX in October 2020 for a dollar a share.