iiNet reports ‘record result’ for FY14

21 Aug 2014

Alternative Australian broadband provider iiNet has announced what it termed ‘another record result across all key metrics for the twelve months ended 30 June 2014 (FY14)’, with revenues for the year topping AUD1 billion (USD918 million).

In the period under review iiNet generated a total turnover of AUD1.006 billion, representing year-on-year growth of 6.9%, with service revenue in FY 2014 also climbing by 6.9%, to AUD980.62 million. Such increases in revenue, the company said, were attributable primarily to: continued organic growth in residential and business broadband customers; continued expansion of services provided to existing residential and business broadband customers; and the acquisition of Adam Internet Holdings on 30 August 2013. Underlying earnings before interest, taxation, depreciation and amortisation (underlying EBITDA) meanwhile totalled AUD195.64 million, up 9% against FY 2013. Profit after income tax for the financial year increased by 3%, rising from AUD60.94 million to AUD63.02 million, driven by increased revenue, but offset by higher network and carrier costs, while underlying net profit for the year after income tax was up 19% y-o-y at AUD65.80 million.

In operational terms, at the end of June 2014 iiNet’s broadband subscriber base totalled 950,000, up from 840,000 a year earlier, with the aforementioned acquisition of Adam Internet having added around 70,000 accesses. On-net broadband subscribers continue to represent the largest proportion of the total, standing at 619,000 at the end of the reporting period (up from 544,000 at end-June 2013), while off-net accesses fell slightly, to 266,000 (271,000). Meanwhile, the number of ‘NBN & Fibre’ customers stood at 65,000 at end-June 2014, up from 25,000 a year earlier. Both traditional fixed voice connections and voice-over-IP (VoIP) accesses also grew in FY14, rising to 453,000 and 251,000, respectively, while the company’s mobile virtual network operator (MVNO) service had garnered 156,000 subscribers by 30 June 2014, up 23.8% y-o-y.

Australia, iiNet (incl. Internode)