MNF Group celebrates 88% revenue boost

Australian telecommunications provider MNF Group grew its total revenue by 88 percent to hit $161.2 million for the year ending 30 June 2016.

Part of the company's growth has been attributed to the acquisition of Telecom New Zealand International (TNZI) wholesale voice business in April for $22.3 million.

"Our strong overall performance this year is a result of solid contributions from all three segments of the business – domestic retail, domestic wholesale and global wholesale. Organic growth played a key role in this result, with domestic wholesale leading the growth with its gross profit contribution up a very solid 50 percent on last year," MNF Group chief executive Rene Sugo said.

"The TNZI acquisition integration is progressing very well with the new global wholesale segment already performing above expectation, and showing excellent prospects going into financial year 2017."

Earnings before interest, tax, depreciation and amortisation went up by 46 percent to reach $17.8 million. The final net profit was $9 million, 7 percent more than MNF had forecast.

According to MNF, the integration of TNZI wholesale voice business including staff integration, Wellington office relocation, IT systems separation, customer and supplier innovation and US licensing and transaction completions are progressing well.

MNF Group, formerly known as MyNetFone, was established in 2004 and listed with the ASX in 2006. MNF Group companies includes Symbio Networks, Connexus and CallStream acquired in 2012, PennyTel, acquired in 2013, MyNetFone, The Buzz, TNZI and iBoss.