Prolonged court battle aside, ASX-listed ISP, iiNet (IIN), has enjoyed a strong year of growth, according to its end-of-year results.
Revenue was up 13 per cent on the previous year to $474 million. Earnings before tax (EBITDA) was up 20 per cent to $80.7 million. This is ahead of guidance for the year, according to iiNet.
Highlights for the year included the launch of BoB, the ISP’s easy-to-operate router for home use, which saw more than 50,000 units sold.
Naked DSL subscriber rates were up 59 per cent to 106,400, and the ISP claimed strong balance sheet capacity with gearing at 20 per cent, after the acquisition of Netspace.
In a release to the ASX, iiNet managing director, Michael Malone, said “it is important to highlight that we have not just focused on top line growth. The rate of growth in iiNet’s earnings has continued to surpass the rate of growth in revenues. We continue to deliver improved cost management and efficiency in our core activities and the full synergy target from the acquisition of Westnet.
iiNet also noted in its results that the legal reimbursement ruled in its favour as a result of the court action brought against it by the Australian Federation Against Copyright Theft (AFACT) in February new was to the value of $5,992,000.
This ruling was appealed, however, and iiNet cannot reliably determine the outcome of that appeal at the report release time.