Vocus posts record year as statutory profit more than doubles
Numbers were up across the board for Vocus Communications, which today announced jumps in revenue, underlying earnings before interest, tax, depreciation, and amortisation (EBITDA), statutory net profit, and operating cash flows.
The network and datacentre company posted revenue of AU$92 million, up 38 percent year on year, with underlying EBITDA increasing by 48 percent to come in at AU$33 million. Statutory net profit more than doubled, to increase from AU$5.1 million last year to AU$12.9 million for the 2015 financial year, and operating cash flow doubled to AU$30.6 million.
Organic growth was cited by the company as the primary driver of its growth, as well as being the first full year that Ipera contributed to results after its AU$9.8 million acquisition in December 2012.
"We have delivered another record result, which is testament to our clearly developed strategy, aligned to increasing demand for data coupled with cloud computing and increased IT outsourcing trends," Vocus CEO James Spenceley said.
Spenceley said that the company is in a good position following a spate of recent acquisitions that are due to contribute to its results next year.
Vocus recently purchased New Zealand-based fibre company FX Networks for AU$107.7 million, with Vocus saying at the time that it expects FX to deliver earnings before interest, taxation, depreciation, and amortisation of between NZ$13.5 million and NZ$14.5 million in the first 12 months after the acquisition.
Earlier this month, Vocus acquired ASG Group's Perth datacentre for AU$11.7 million, which Spenceley said would provide additional cross-selling opportunities between its cable and datacentre operations, as well as further redundancy for existing operations.
The company also purchased iBOSS and One Telecom, after both businesses were placed into administration and tens of thousands of customers had their service disconnected.
Despite the number of purchases, over the past financial year, Vocus reduced its net debt from AU$56.6 million to AU$5.2 million, effectively reducing its gearing from 44 percent to 4 percent.