Aussie Broadband (ASX:ABB) reports a rise of 89% in revenue for half year ended 31 December 2020

Aussie Broadband Limited (ASX:ABB) posted an epic growth in terms of revenue, broadband connections, agreements and much more through an ASX announcement made on 17 February 2021. 

Key highlights:

  • For the half year ended 31 December 2020, the Company reported a revenue of $157.4 million, a significant rise of 89% on prior corresponding period and 4.9% ahead of prospectus forecast.
  • EBITDA of $7.3 million, a rise of 87% on pcp and ahead of forecast.
  • The Company gave away 342,634 broadband connections, up 31% from June 2020’s 261,361 connections.
  • ABB entered into a mobile virtual network operator (MVNO) agreement with Optus Wholesale.
  • Finished 79km of dark fibre construction connecting 6 data centres and 7 NBN points of interconnect. This rpresents 7% of the whole project.
  • Marketing expenses for the period were $9.7 million, 16% lower than forecast.

Phillip Britt, Managing Director, shared that the Company managed to mark remarkable gains in a year where industries were struggling to survive. He elaborated that the firm maintained the critical infrastructure for the network and invested in Australian team and technology capability featuring internal software enhancements and network automation.  

According to the ASX release since March 2020, the industry has been getting COVID-19 CVC relief from NBN which ended in January 2021.

As on 31 December 2020, the Company was catering to the needs of 331,353 unique customers and was providing residential as well as busines broadband.

Meanwhile, the ABB stock was spotted trading at $2.780 per share, up 9.448% with market capitalisation at $483.46 million at 3:09 PM AEDT.