Aussie Broadband Sails Past FY21 Forecast
Aussie Broadband has beaten the numbers put forward in its prospectus forecast, in its first financial results since its IPO last October.
The communications company saw revenue rise 84 per cent, year-on-year, to $350 million – jumping 3.6 per cent clear of its forecast.
EBITDA was up a whopping 433 per cent, 55 per cent ahead of its forecast, to reach $19.1 million. Aussie Broadband puts this impressive result down to customer growth in both the residential and business sectors, a bump in average revenue per user, and NBN Co.’s extension of COVID-19 Connectivity Virtual Circuit credits.
Aussie Broadband jumped from a net loss of $12.3 million to a profit of $4.5 million.
“We have staff spread across Australia who, like our customers, have all experienced different forms and lengths of lockdown throughout the year,” managing director Phillip Britt (pictured above) said.
“The pandemic has highlighted the importance of reliable internet in our daily lives. Despite the challenges, our team has continued to deliver great network performance and great customer service to our customers, which are critical factors underpinning our growth.
“We’re in business to change the telco game, and our staff are doing that each and every day with our high-quality network, clever technology and a focus on being good to our customers.”
The company celebrated record broadband and mobile sales in July, and expect to beat those sales in August.
Despite this rosy start to FY22, the company has not given a forecast for the financial year.