M2 reports 20% profit jump

Australian telco M2 has reported a rise in profits of 20 per cent, up to AU$33 million.

Australian telecommunications wholesaler and retailer M2 has reported a rise in annual profits for the financial year of 2012 to AU$33 million, up 20 per cent from AU$27.6 million in the previous financial year.

Revenue was down 8 per cent to AU$393.5 million, which it said was due to the elimination of high-volume, low-margin revenues from its Edirect business.

M2 highlighted the takeover of Primus Telecom in June 2012 for AU$192 million as a highlight of the year, bringing on three datacentres, 165,000 customers and over 500 staff, to give the company 956 staff in total.

The company also completed the implementation of its business support system known as "Ninja" on-budget, moved its entire contact centre in Adelaide to its existing centre in Hobart and was elevated to the ASX 200.