Vocus Profit Down 44%, No Dividend
Under siege telecom company, Vocus, has reported a 44% dive in full-year profit, coupled with a 3% decline in earnings.
The results are in line with the company’s former guidance.
For the second straight year, no dividend was announced.
Full-year revenue remained largely flat, with profit slumping to $34 million, and EDITDA notching $349 million.
Chief Executive, Kevin Russell, asserts full-year results are indication the company is turning around, following several turbulent years.
“… [2019 is] a year of significant change and our priority has been to deliver our financial guidance whilst laying the key foundations that will enable Vocus to capitalise on our market opportunities and deliver growth from our core network assets”.
Russell highlights an increase in Vocus’ core fibre network business – up 23.3% to $710 million.
Mobile and fixed line broadband retail revenue slipped 15.2% to $826 million, with earnings dipping 6.6% to $160 million.
“We have delivered on the immediate priorities outlined at the last result: the right leadership team in place, with the skills and experience to deliver and the re-orientation of our business strategy to capitalise on the strength of our exceptional infrastructure assets,” remarks Mr Russell.
He claims the company is now focused on the execution of its 24 month plans.