TPG Telecom has posted growth in its enterprise, government and wholesale business unit thanks to a number of major customer wins and strong demand for its fibre offering.
In the half year ended 30 June 2023, TPG enterprise, government and wholesale reported revenue of $557 million, up 15.1 per cent year over year from $484 million.
Enterprise and government contributed $361 million during the period, while Wholesale was $138 million. The results also included revenue from Vision Network, which contributed $58 million.
TPG said growth from the unit was primarily driven by the company’s Fast Fibre offering and NBN Ethernet Enterprise services.
The overall business meanwhile reported revenue of $2.3 billion for the period, up 4.5 per cent year over year, while profit after tax was $48 million, a 71 per cent decrease from $167 million in FY 2022. EBITDA was $941 million, a year over year increase of 12.4 per cent.
"Our focus on executing against our growth and transformation priorities has produced another set of solid results,” TPG Telecom chief executive Iñaki Berroeta said.
“We expect to deliver a strong full-year performance as we drive growth across the business, accelerate simplification for our customers, and deliver value to shareholders.”
The growth was credited to a net increase in mobile subscribers of 39,000 during the half year, pushing the telco’s total mobile customer base to 5.32 million.
TPG’s fixed broadband customer base declined by 43,0000 but the take up of its fixed wireless service saw an additional 38,000 new subscribers.
"The popularity of our award-winning 4G and 5G Home Internet plans has not diminished," Berroeta said.
The growth of our Fixed Wireless services has increased the profitability of our Fixed broadband business and shows that consumer appetite for no-fuss, great value connectivity remains strong."
Looking ahead, TPG Telecom is expecting to report EBITDA of between $1.925 billion to $1.95 billion for its full 2023 financial year.
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