Optus has delivered strong results in what has been the telco’s most challenging period to date.
For the half year ended 30 September 2022, Optus posted operating revenue of A$3.96 billion, up 1 per cent from the prior year. Excluding NBN migration revenue, operating revenue grew 2.3 per cent.
EBITDA grew 2.2 per cent, to $1.07 billion, while EBIT grew an impressive 23 per cent, from A$145 million to A$164 million, driven by strong momentum in customer growth and a rebound in international travel, according to Optus.
Excluding NBN migration revenue, EBIT jumped a massive 73.4 per cent.
NBN migration revenue was minimal in the current period, compared to A$51 million in the last corresponding half year, with customer migrations tapering off.
Mobile service revenue grew 2 per cent, while mobile equipment sales grew 4.2 per cent, driven by the easing of supply constraints, and foot traffic in Optus stores improving post-COVID lockdowns.
Average revenue per user fell slightly, which Optus attributes to a higher mix of Prepaid customers, lower carriage revenue from domestic roaming, and a decline in insurance revenue due to the sale of this business.
The mobile customer base grew 304,000 in the first half year, reflecting prepaid growth of 182,000, and 75,000 new postpaid mobile customers.
Connected devices grew 47,000.
“The momentum in the first half demonstrates that customers recognise the great value and world class connectivity over Australia’s fastest 5G which Optus is delivering,” said Optus CEO Kelly Bayer Rosmarin.
“We continued to innovate, differentiate and provide options for customers, all with the aim of making a difference to our customers at great value.”
Bayer Rosmarin also said Optus is committed to rebuilding trust following the
cyberattack on its customers.
To this end, Optus has allocated $140 million to replacing hacked customers’ documents and beefing up cybersecurity.
The funds are under “exceptional expense” in the financials, earmarked for “customer actions, including an external independent review, third-party credit monitoring services for impacted customers and the replacement of customer identification documents where needed,” according to parent company SingTel.
“We recognise how painful the exposure of personal information from the cyberattack on Optus customers has been, and we are deeply sorry.”
