Aussie Broadband grows revenue in first half of FY24

Aussie Broadband has posted a strong first half of the 2024 financial year ending 31 December 2023, crediting its transition from offering residential-focused services to providing multi-faceted communications and technology services.

Revenue grew 17.7 per cent to $445.9 million, "reflecting our strong customer offering across all business segments," Aussie Broadband's co-founder and managing director Phillip Britt said.

"EBITDA grew 12.7 per cent to $46.3 million as we continued to focus on more profitable services, leveraging our recent investment in the fibre network, while operating cashflow grew 57.8% to $40.7 million."

"These results are testament to the wonderful team we have at Aussie and their dedication to providing the best customer experience possible." 

"The company’s transition from being a largely residential-focused retail service provider into a multi-faceted communications and technology service provider is well on track and delivering strong results."

In 1H FY24, Aussie Broadband's NBN market share increased 8.3 per cent to 1.3 ppt, while its total broadband connections grew 20.6 per cent to 765,800.

The company also announced the acquisition of unified communications-as-a-service provider Symbio, which in February received approval from shareholders and the Federal Court of Australia.

Britt said Aussie Broadband is "excited" to combine with Symbio given the firm is "highly complementary to Aussie’s offering."

"The acquisition will fast track Aussie’s presence in the wholesale and enterprise and government market segments while further diversifying our revenue streams and strengthening our financial profile," he said.

Britt also noted "the ACCC’s finalisation of the new NBN SAU regulations that came into effect on 1 December 2023 will be positive for Aussie."

"Following these changes, we were able to reduce prices in 100Mbps speed and above while improving margins in market segments that Aussie is already strong in. The full effect of these changes will flow through from the second half of FY24." 

Leadership changes announced

Aussie Broadband has also announced several changes to its leadership to "underpin the company’s next growth phase following the acquisition of Symbio."

Current co-founder and managing director Phillip Britt will become group managing director and be responsible for group strategy and M&A, while remaining an active contributor to the technology divisions across Aussie Broadband.

The company's current CFO Brian Maher has been appointed CEO with effect from 23 February 2024, while current executive director Michael Omeros has been appointed CEO of the Symbio business with effect from 28 February 2024.

Meanwhile, current Symbio CEO and co-founder Rene Sugo will remain with Symbio as an advisor to Omeros as the firm transitions to Aussie Broadband.

Andy Giles Knop has been appointed interim CFO from 11 March 2024 while an executive search is undertaken for Maher’s replacement as CFO.