M2 doubles revenue and earnings in FY10
- 30 August, 2010 14:20
SMB-centric services provider, M2 Telecommunications, has managed to more than double its revenue and earnings for the financial year ending June 30.
Group revenues reached $406.11 million, up 101 per cent on the previous year. The company boasts the growth followed on from its successful integration of People Telecom and the business assets of Commander Communications, which was acquired in late FY09.
M2 delivered a record net profit reaching $16.16m, up 119 per cent on the previous financial year. Earnings before tax totalled $31.41m.
The results exceeded the board’s expectations set out in in its half-year report in February.
At the time it flagged the potential for more acquisitions and scooped up Bell Networks Voice and Data in June.
“The M2 business has more than doubled both its revenue and earnings 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,” M2 managing director, Vaughan Bowen, said.
Bowen is forecasting FY11 results to topple 40 per cent in earnings growth.