Aussie Broadband has seen its share prices crash by over 18 per cent this morning, despite posting record revenue and profits for the 2022 financial year.

The fast-climbing telco has reported revenue of $546.9 million, up an impressive 56 per cent on 2021. Aussie also posted record earnings before interest, taxation, depreciation and amortisation, up 107 per cent to $39.4 million.

Net profits after tax were up 118 per cent, to $5.3 million, with total broadband connections now exceeding half a million, up 46 per cent to 584,793.

Aussie Broadband’s market share has risen from 4.74 per cent, to 6.46 per cent – a substantial slice of a market that has been long controlled by a select few.

“I am extremely proud of the work the whole team has put in to deliver these outstanding results,” Aussie Broadband co-founder and managing director Phillip Britt (above) said.

“We have achieved strong growth in revenue, earnings and market share, and are well positioned to achieve our goal of becoming Australia’s fourth largest communications company providing a full suite of solutions across enterprise, wholesale, residential, and government sectors.

“Aussie has come a long way from our early days as a residential internet service provider,” Britt continued.

“Today we are growing a complete communications and technology solution across multiple market sectors. This enables us to develop closer relationships with a broader range of customers while also driving increased profit margins.”

Aussie Broadband has forecast FY23 revenue of between $800 – $840 million.