M2 Telecommunications confirms whopper year of growth

M2 Telecommunications confirms whopper year of growth

119 per cent net profit, 101 per cent revenue increase equals a business double the size of a year ago

ASX-listed entity, M2 Telecommunications (ASX: MTU), has announced a massive increase in earnings for FY2010.

The telecommunications services provider announced it exceeded guidance to achieve an increase of 119 per cent net profit after tax (NPAT) to $16.16 million.

Revenue was also up - 101 per cent to $406.11 million. Earnings per share was up 66 per cent to $0.1457 cents.

The M2 board has advised more conservative growth projections for FY11. It anticipates a seven per cent revenue hike and a 41 per cent NPAT.

In a release, M2 CEO, Vaughan Bowen, said: “The M2 business has more than doubled both its revenue and earning in the past year. This transformation has necessarily required our team and nationwide dealership network to adapt to and support the demands of a much larger business.

"This outstanding performance and commitment from those who manage and promote M2’s various operating divisions and brands has enabled us to exceed our high performance expectations for FY2010 and to set in place guidance which forecasts earnings growth of 40 per cent in FY2011.”

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