MyNetFone profit soars 31 per cent

MyNetFone profit soars 31 per cent

Post $3.1 million in profit on the back of strong organic growth

MyNetFone profit has surged 31 per cent on the back of strong growth in the small business and managed services segments.

The company reported $3.1 million net profit for the half and revenue increased to $30.3 million, while EBITDA increased 36 per cent to $5 million.

The result included a first half balance sheet with no bank debt and a positive cash balance of $3.9 million.

According to a company statement, the comparative increases in revenue and profit were due to organic growth in the small business and wholesale managed service segments.

In July last year, the company acquired the business assets of iBoss for $1.4 million and in December acquired the business assets of OpenCA for $500,000.

Both were paid from free cash flow in the period, and all assoicated acquisition and integration costs have been take up in this result.

In terms of outlook and guidance, the directors beleive that the business is on track to meet previously stated forecasts of EBITDA of $11.2 million and net profit of $7.1 million for the full year ending June 30.

"With a discnering and conservative approach, the board of MyNetFone will continue to actively search for further acquisition opportunities; whilst we remain totally committed to driving growth and performance withing the business," according to a company statement.

"MyNetFone remains very confident that the company will achieve strong organic growth in the coming year and well into the future."

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