iiNet passes $1 billion in revenue

iiNet has seen a 7 percent jump in revenue and a 19 percent jump in net profit after tax for the 2013-2014 financial year.

In results released to the Australian Securities Exchange this morning for the year ending June 30 2014, iiNet recorded revenue of AU$1.006 billion, earnings before tax, interest, depreciation, and amortisation of AU$196 million, and a 19 percent jump in underlying net profit after tax of AU$65.8 million.

The company added 40,000 new broadband customers in the year through organic growth, and 70,000 through the acquisition of Adam Internet in August 2013, bringing its customer base to 950,000, taking up a total of 1.83 million services.

The majority of the company's growth came from on-net customers, using iiNet's own infrastructure, rising from 544,000 last year to 619,000 this year. Off-net customers, where iiNet resells Telstra services, declined from 271,000 to 266,000. Customers on NBN and fibre rose from 25,000 in 2013 to 65,000 at the end of June this year.

78 percent of iiNet's NBN customers are on fibre, with 16 percent on satellite and 6 percent on the fixed wireless services, and over 70 percent of customers are buying products above the entry-level 12Mbps plan.

iiNet CEO David Buckingham said that 40,000 of these customers are on the NBN, where iiNet holds a large share of the market at 26 percent of all connected greenfields premises, and 19 percent of all brownfields premises.

"Our proactive approach to the NBN roll out continues to pay dividends. We now have over 20 percent of the NBN market with over 40,000 iiNet customers on the NBN and more than 50 percent of our NBN customers are new to iiNet," he said in a statement.

"We continue to take full advantage of our capabilities across all access technologies  and expect iiNet's NBN subscriber base to continue to grow as the roll-out speeds up."

5,000 of iiNet's on-net customers transferred to being included in iiNet's NBN figures with the transfer of the ownership of TransACT's Canberra fibre network to NBN Co.

Business revenue for iiNet now makes up 20 percent of the total company revenue, rising 11 percent to AU$204 million in the financial year.