iiNet Blasts Through The $1 Billion Revenue Mark As It Keeps Adding More Broadband Customers

Getty/ Bill Ingalls NASA

iiNet Limited has posted a record result with underlying net profit up 19% to $65.8 million after it added more than 40,000 customers in the year to June 30.

Revenue jumped 7% to break through the $1 billion mark at $1.006 billion.

CEO David Buckingham says the result comes on the back of a strategy to grow market share and improve margins.

“Having successfully acquired and integrated a number of complementary businesses over the past few years, the company is now focused on growing organically and maximising its operational performance.

iiNet grew its business customer revenues to $204 million, now 20% of total group revenues.

Total 2014 dividends are up 16% to 22 cents per share fully franked.

“This growth reflects three simple things done very well – customer service, product innovation, and effective brand marketing – which have worked together to lift iiNet brand awareness across all key states and delivered exceptional sales growth,” Buckingham says.

One strategy is to chase customers as fast broadband rolls out through the NBN (National Broadband Network).

“We now have over 20% share of the NBN market with over 40,000 iiNet customers on the NBN and more than 50% of our NBN customers are new to iiNet,” Buckingham says.

He says there’s more growth to come.

iiNet will soon have 1 million broadband customers, as this chart shows:

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.