iiNet hits 20k NBN customers

iiNet now has 840,000 broadband customers and 126,000 mobile customers

iiNet now has 20,000 customers on the National Broadband Network (NBN), with 60 per cent on fibre, 35 per cent on satellite and 5 per cent on wireless.

iiNet said 50 per cent of customers have signed up for speeds higher than the lowest NBN speed tier of 12/1Mbps.

Michael Malone, CEO at iiNet, said the company expects its subscriber base on the network to grow strongly as the rollout speeds up.

The ISP announced its full year results for the 12 months to 30 June, 2013, with its acquisition of Internode and TransACT starting to pay off.

iiNet's profit jumped 64 per cent to $60.9 million off the back of financial results from the two acquisitions.

Revenue at the telco rose 13 per cent to $941 million for the full year to 30 June, 2013 due to an expansion of services and the financial contribution from the TransACT and Internode acquisitions.

iiNet acquired TransACT for $60 million in November 2011 and acquired Internode in January 2012 for an estimated $105 million.

iiNet now has 840,000 broadband customers and 126,000 mobile customers.

“Broadband sales continued to increase and we returned to net broadband additions in the second half of FY13 from a combination of new marketing campaigns, new products and new market share in NBN rollout areas,” Michael Malone, CEO at iiNet, said in an ASX statement.

“While revenues have increased, margins have grown more as acquisition synergies have been delivered, cost-out initiatives have been implemented and products per customer have increased to 2.23.”

The ISP’s business revenue increased 53 per cent to $183 million and now makes up 19 per cent of iiNet’s total revenue.

iiNet recently announced that it would acquire South Australian ISP Adam Internet for $60 million following Telstra’s failed attempt to buy the company.

Adam Internet’s assets include 35 DSLAMs, a fibre network in Adelaide’s CBD and a 350 rack data centre.

Malone said the acquisition would add 70,000 broadband subscribers in its residential and business markets and grow iiNet’s total broadband subscribers to more than 900,000.

iiNet also recently launched Jiva, which will offer just one broadband plan for $79 per month for unlimited ADSL2+, unlimited national and local calls and a Wi-Fi modem.

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Tags broadbandiiNetinternodeTransActNational Broadband Network (NBN)

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