Macquarie lifts earnings guidance

Macquarie lifts earnings guidance

The telco estimates earnings before tax at $28m-$29m

Macquarie Telecom (ASX: MAQ) has lifted its earnings guidance for the financial year ending June 30.

Compared to the previous period, the telco anticipates earnings before tax will increase by 22 per cent to $28m-$29m.

Macquarie said it had a strong balance sheet with cash and cash equivalents of $56.3 million.

The preliminary result is subject to final review by the company and external auditors.

The telco attributes its strength to its hosting business.

In a statement CEO, David Tudehope, said the result supported the company’s strategic direction to build momentum in its higher margin hosting business.

“Over the next fiscal year, we intend to invest approximately an additional $15 million over our current capital expenditure run rate to expand our hosting capacity to support growth in this business,” Tudehope said.

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