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NBN Co Revenue Jumps 43% To Hit $2.8bn

NBN Co has recorded strong revenue of $2.83 billion, up 43% for the year ended June 30. The year saw a total of 9.85 million premises declared ready to connect, up 41% on the year to June 2018. Customers actually connected totalled 5.53 million, up 37% on FY18.

According to NBN Co, it has now completed construction on 85% of the network, and says it remains on schedule to complete the roll-out by June 30 next year.

“The addition of more than 15 million new customers in the last 12 months helped to underpin the company’s strong revenue growth,” according to a statement issued by NBN Co HQ last night. Executives plan to give more details in an online media briefing this morning.

According to NBN Co, monthly average revenue per user, or ARPU, increased to $46 by June 30, up $2 year-on-year. “This growth was driven by a combination of factors, including the high number of customers upgrading to wholesale speed tiers of 50Mbps and above, rising data consumption among residential and business customers, and stronger business segment revenue of $388 million,” the company says.

NBN CEO Stephen Rue was all smiles. “I am pleased to confirm that the construction of the NBN access network – the largest infrastructure project ever undertaken in Australia – is on track and remains on schedule for completion by 30 June 2020,” he gloated.

“I cannot emphasise enough what a remarkable achievement this is. Many years ago, we set out on a plan to complete the build in 2020. Today, less than one year away, we can confirm we are on time and on budget.

“This is a testament to the incredible diligence and effort of NBN employees and our delivery partners, and I thank them for their continued commitment.”

And he added: “From a statutory accounting point of view, we’re also very pleased to announced the achievement of a very important milestone, with the company generating $608 million in EBITDA – compared to our $103 million loss in FY18. This EBITDA performance augurs well for NBN Co’s target to become cash positive.”

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