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Monday, 21 February 2011 16:45

Acquisitions drive iiNet growth

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iiNet has reported significantly increase revenue, NPAT and EBITDA for the half year to 31 December, on the back of its acquisition of AAPT's consumer business and Netspace.

Revenue was up 45 percent to $329.7m on H1 2009, underlying EBITDA up 25 percent to $46.8m, underlying NPAT up 16 percent to $17.2m and underlying EPS up 15 percent to 11.3 cents per share.

The company's broadband customer base grew 20 percent to 650,000. Excluding former AAPT customers, iiNet said it now had 61 percent of broadband customer on-net.

Managing director Michael Malone said: "Following the acquisition of AAPT's Consumer Division last September, we achieved our strategic goal of becoming the leading challenger brand. The integration of Netspace and AAPT's Consumer Division is progressing as planned. Although it's early days, we are starting to see the benefits from the acquisitions flow through into earnings."

He added: "iiNet's financial and operating results over the past six months indicate that we are on track to achieve full year EBITDA guidance of $106m."

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