TPG Telecom has upgraded its profit outlook after a stellar first half

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TPG Telecom, the group with a $1.4 billion takeover bid for iiNet, posted an 18% rise in first half net profit to $106.7 million.

Sales grew 59% to $627.3 million and the company upgraded full year guidance to a range of $480 million to $483 million from $455 million to $460 million.

The group’s consumer broadband subscriber base grew by 38,000 in the half year, about 2,000 higher than in the same period last year.

TPG has a takeover bid with an offer price of $8.60 a share for iiNet, about one-third higher than recent trading prices.

The combined companies will have 1.7 million customers, revenue of $2.3 billion and staff of about 5,200.

The TPG interim dividend per share increased by 22% to 5.5 cents.

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