Tuesday, 25 February 2020 11:55

MNF trumpets ‘solid’ results for half year with revenue, profit increases Featured

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MNF Group CEO Rene Sugo MNF Group CEO Rene Sugo

Communications provider MNF Group is trumpeting “solid results” for the six months to the end of December 2019 with net profit after tax up 20% to $3.7 million on the back of an increase in revenue of 14% to $112 million from $98.1 million for the same period in 2019.

And the results reveal EBITDA was up 52% to $16.9 million with MNF CEO Rene Sugo commenting that the group continued to see “very strong demand for our core products – phone numbers with number portability” - with significant organic growth from existing domestic and global customers “as they tackle the opportunities presented to them by the impending completion of the NBN roll-out and ISDN shut-down”.

“Our total numbers on network increased to 4.1m in the period, representing an annualised growth rate of 16%, with a considerable order volume going into H2,” Sugo said.

On the building of a next-generation voice network in Singapore - “the first fully interconnected carrier network built in the country since the year 2000” - MNF says physical construction of the network is now complete and undergoing interoperability testing with the incumbent carriers.

According to MNF (ASX:MNF), it continues to receive very strong interest from its global customer base for fixed line phone numbers with number portability in Singapore, and is currently targeting a soft launch with initial customers by H1 FY21.

And on the 2018 acquisition of Telco-In-A-Box (TIAB) for $33.8 million for the purpose of consolidating its whole customer base into the domestic wholesale business, MNF says the corporate restructure of TIAB was completed in H1 FY20 at a once-off cost of $1.3m (not been included in EBITDA).

MNF says the TIAB business has delivered considerable benefits to the group, including addition of new staff to the team, a broad range of quality customers, as well as significant scale and new products to our portfolio.

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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