Aussie Broadband continues upward trajectory with 46% first-half revenue increase
Aussie Broadband has reported its revenue for the first half of FY22 continued the company's upward trajectory, rising by almost 50% year-on-year to AU$229 million.
The sharp revenue increase led to Aussie Broadband seeing an after-tax profit of AU$1.39 million, with the company's revenue once again closing the gap on its expenses. By comparison, the company's first-half performance in the previous financial year culminated in an almost AU$10.5 million loss.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the half year was AU$9.1 million, an increase of 7% compared to the same period a year ago.
On the connections front, the company said it had just shy of 495,000 broadband connections and 32,000 mobile connections at the end of 2021, representing 45% and 70% year-on-year jumps, respectively. The broadband connections comprised of 422,034 residential connections, 45,483 business connections, and 27,286 wholesale connections.
The company's migration of white label services also began during the first half of FY22, with 8,725 services being transferred during the period. The remainder of the services are expected to be migrated by the end of March, Aussie Broadband said.
Aussie Broadband added its market share for NBN broadband, excluding satellite, reached 5.66% at the end of 2021. Six months prior, the company's NBN market share had sat at 4.9%.
With the growth in connections, Aussie Broadband also increased its staff count, which rose 29% year-on-year to 733.
"It's been another year of growth for Aussie, and I am extremely proud of the work the whole team has put in to create some great half-year results," said Phil Britt, Aussie managing director.
Looking ahead to the remainder of the financial year, Britt said he expected another 85,000 to 95,000 broadband connections to be added to its customer base, and full-year EBITDA to be in the range of AU$27-30 million.
Britt also provided an update on its pending acquisition of Over the Wire, saying the deal was on track to be completed next month following Australian Securities and Investments Commission and Federal Court approval.