Telecommunications service provider Uniti Group has seen a 148 per cent year-on-year increase in revenue to $54.6 million and earnings before tax increased 307 per cent to $29.3 million in the first half of FY21 ending December 31.
However, reported net profit after tax took a 24 per cent hit to $3.9 million.
Uniti said all three business units were benefiting from various strong ‘tailwinds’ including greater digital services uptake, data consumption, technology and strengthening residential property markets and lifestyle factors that made fibre broadband an essential service.
In a statement to shareholders, the business revealed it was positioned to experience accelerated long term organic growth, a proportion of which has been ‘locked-in’ by its growing contracted portfolio within its core wholesale and infrastructure business unit.
About 75 per cent of its contracted order book of 200,000 premises is expected to go live within five years.
“Uniti has transformed into a core infrastructure owner and operator, enjoying scale and relevance in our chosen markets and with the unique advantage of having locked in organic growth, thanks to a large and growing contracted fibre order book,” Uniti Group managing director and CEO, Michael Simmons said.
“The fact that 75 per cent of our existing fully funded, contracted fibre order book will be deployed in the coming five years, and is continuing to grow at improving rates, assures our shareholders of continued steep earnings growth and free cash generation over both the near and longer term.”