Telecommunications group Vocus has delivered record profits for the full year to the end of June, in what the company says was a “significant year of transformation”.
The company’s strong performance comes on the back of its integration of Amcom which it acquired last year and the acquisition in February of the M2 Group.
Vocus says the merger with M2 is nearing completion and IT and network integration programmes are progressing to plan, and is focusing on delivering synergy targets of $40 million by the end of financial year 2018.
Vocus (ASX:VOC) reported a 455% rise in revenue to $830.8 million and underlying pre-tax earnings of $215.6 million – a jump of 318%.
{loadposition peter}Vocus chief executive Geoff Horth said the company had delivered in a year of “significant transformation for shareholders” and demonstrated strong organic growth across its corporate and consumer divisions.
“We continued to increase our operating leverage from our national fibre network, focusing corporate sales on high-yielding metropolitan locations and diversifying our corporate and small business product ranges.”
Vocus said the consumer broadband space continued to be a strong area of growth with 55,000 net new services added in Australia over the full year ,contributing to an increase in NBN market share from 5.1% to 6.4%.
Horth said Vocus’ New Zealand business had also demonstrated strong organic growth, and the merger with M2 had created a vertically integrated business that is “well positioned to take advantage of the rollout of the national UFB network”.