Aussie Broadband has upgraded its FY23 guidance after its earnings skyrocketed by 86 per cent to $41.1 million.
Revenue for the first six months of FY23 has growth by 27 per cent, to $379 million, with net profit of $8.6 million.
Aussie has increased its market share in all segments, and now commands over 7 per cent of all NBN connections, with total broadband connections up 27 percent to 635,200 services.
Mobile customers were almost doubled, up 45 per cent from 35,242 to over 50,000.
Fetch subscribers dropped by a modest 857.
The Aussie Fibre project is now complete, with more than 1,400 buildings able to connect to the network, more than triple the amount a year prior.
Co-founder and managing director Phillip Britt credits the record half-year results to the ongoing expansion of Aussie’s business, enterprise and government segments.
“EBITDA grew faster than revenue reflecting the operating leverage from our fibre network and the positive shift to higher margin segments, while proactively managing our residential nbn growth strategy, “Britt explained.
“We have continued to see growing demand for our services, with more enterprise customers choosing Aussie Broadband. Our focus on delivering fast, reliable and affordable broadband services is resonating with businesses of all sizes, and we are proud to be working with some of Australia’s leading companies to support their growth and success.”
Aussie revised its FY23 forecast after the first six weeks of the second-half saw the telco “continue to grow in higher margin segments by winning a number of high value business, enterprise and government, and wholesale customers.”
Revenue has been revised down to $780 million to $800 million (previously $800 million to $840 million), while EBITDA was upgraded to be in the range of $85 million to $90 million (previously 80 – $84 million) reflecting “effective CVC management, disciplined staff growth and strong gross margin performance driven by operating leverage now flowing from scale and owned infrastructure.”
Shares are down 2.7 per cent this morning, as of 11.15am AEDT.
