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nbn announces huge revenue growth, well on track for 2020 goal

10 Feb 2017

nbn recently released its financial results for the six months to 31 December 2016.

With strong performance across all key metrics, the company is on track to reach the half-way complete milestone this year, further progressing towards its 2020 goal.

Over the six month period, key achievements included the successful launch of the second Sky Muster satellite into orbit and the announcement of a greater focus on the Fibre-to-the-Curb technology in its network mix.

nbn CEO, Bill Morrow says it has been another impressive result for the nbn team and their partners as they step closer to completing the build and connecting eight million homes by 2020.

“This result gives further confidence in nbn’s ability to deliver, and we remain on track to achieve our full year 2017 targets,” Morrow says.

“Our increased productivity is enabling our retailers to market more services in more areas. Take up of services over the nbn network is growing, as is average data use per home, meaning that each week thousands more Australians are seeing the benefits of fast broadband via the nbn network.”

And, Morrow says, growing penetration is driving encouraging revenue growth.

“In the past six months, nbn recorded revenue close to the total achieved in the entire fiscal 2016 year,” Morrow says.

“This strong growth is demonstrating the long-term sustainability of the company. With a robust balance sheet clearly being built, nbn is on track to invest in future upgrade paths as demand requires.”

Productivity have made huge leaps forward. In terms of connections, the December 2016 weekly run rate was approximately 20,000, a doubling of output in comparison to the same time a year ago. Last week, the weekly run rate for new connections had already increased to 28,000.

“The rollout continues to accelerate; our weekly growth, particularly over the calendar year, shows the shift in scale,” adds Morrow.

“Now, 80 per cent of the country is either in design, in construction or already able to order a service. The company is on track to reach the half-way point of the rollout this year, and we are confident in our progress towards Australia being the first fully-connected continent.”

Key highlights as at 31 December 2016:

  • The number of premises able to order an nbn service rose to 3.8 million, an increase of 129 per cent versus the six months ended 31 December 2015 (H1 FY2016)
  • The number of homes and businesses with an active service over the nbn network increased to 1.6 million, a 125 per cent increase in comparison to H1 FY2016
  • Revenue earned in the half-year was $403 million (146 per cent increase in comparison to H1 FY2016)
  • ARPU remains constant at $43 in comparison to H1 FY2016
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