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Aussie Broadband sees first half revenue almost double to AU$157 million

Result comes as company prepares to relaunch and switch its mobile offerings to the Optus network.
Written by Chris Duckett, Contributor

Aussie Broadband has seen its revenue spike by 89% to AU$157 million for the six months to December 31, thanks to the addition of 81,000 customers to its network.

Broken down, its residential base accounted for AU$138 million in revenue, an increase of AU$65 million compared to the same period last fiscal year, and contributed AU$5.75 million in earnings before interest, tax, depreciation, and amortisation (EBITDA), which is more than double the AU$2 million reported last year.

From its business customers, Aussie Broadband received an AU$8.7 million jump in revenue to AU$19.7 million and EBTIDA increased from AU$1.9 million to AU$2.78 million.

Overall, the company reported a 87% increase in EBITDA from AU$3.9 million to AU$7.3 million, from its AU$157 million in revenue. Aussie Broadband reported a net loss of AU$10.5 million, with a AU$12 million hit coming from the line items related to its IPO completed during the half.

The company said before these items, it had AU$2.9 million in profit, compared to a loss of AU$1.6 million a year prior.

Aussie Broadband now has 331,353 unique customers, which have taken up 342,634 services, with 313,193 marked as residential and 29,441 as business. The residential customer number increased by 30% since June 2020, with business customers growing by 49%. The company added that its NBN market share jumped from 2.8% in December 2019 to 4.2% a year later.

In addressing the recent HFC pause on new customer connections, the company said it was also impacted.

"There have been some interruptions to the supply chain of customer routers, but the business has found alternative equipment where necessary and the impact on customers has been some modest delays in delivery times," it said.

"The company holds significant forward inventory but will continue to work with its partners to ensure continuity of supply."

Aussie Broadband added if the HFC pause had hit in January, 9% of its orders would have been affected.

The company also said on Wednesday it was in the process of getting ready to switch wholesalers for its 19,000 mobile services from Telstra to Optus.

Aussie Broadband added that the new deal would allow 4G failover to be available for its NBN customers, and the deal includes access to Optus 5G and fixed wireless products.

The company expects to have new plans and handsets ready in the final quarter of its fiscal year between April and June.

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