TPG records strong half-year growth

Telecommunications company TPG has recorded a year on year increase of 41 percent net profit after tax for the half year ended January 31, 2013.

Earnings before tax were also up 16 percent, to $153.6 million, while subscriber numbers were up by 36,000. Chief executive David Teoh said this is double the rate of growth achieved at the same time last year.

Mobile continues to be a growth engine for the company, with mobile subscribers up 48,000 for the half, compared to 56,000 for all of 2012. As of January 31, the company had 631,000 broadband subscribers, and 303,000 mobile subscribers.

Cashflow was also strong, with $160 million generated from operations prior to tax, and free cashflow for the half year was $86 million.

This free cashflow allowed debt paydown of $54 million, along with the investment of $7.5 million in Cocoon Data Holdings, a data security business.

The company directors upgraded FY13 guidance from $263-$273 million to $285-290 million.