Aussie Broadband reaffirms FY guidance, boosted by Symbio
Make us a preferred source
Make us a preferred source on Google
The news: Aussie Broadband reaffirmed its full-year earnings guidance, with newly acquired Symbio expected to bolster the telco's results to the end of the financial year.
The numbers: Aussie Broadband reaffirmed its upgraded full-year EBITDA guidance of $105 million to $110 million. It expects four months' contribution from communications software company Symbio, which it assumed full ownership of in February, of approximately $11 million.
This takes the total group FY24 EBITDA guidance to between $116 million and $121 million, while capital expenditure guidance remains on track to achieve $40 million to $45 million.
In the March quarter, Aussie Broadband added 18,788 broadband services. This included 2,499 business net additions, up 4.8% quarter on quarter, 14,788 residential net additions, up 20% on the previous quarter.
Aussie Broadband shares were down 0.25% to $3.92 at 11:00am AEST.
The context: Aussie Broadband flagged that it completed the takeover of Symbio during the quarter, and is still exploring additional synergy opportunities between the companies.
The quarter also saw Aussie Broadband's failed bid to acquire rival telco Superloop, which resulted in the company's disposal of 37.6 million Superloop shares, and a one-off gain of $13.4 million after transaction costs and before tax.
Elsewhere, Aussie Broadband said it was "actively exploring" new opportunities, after Origin Energy unexpectedly terminated its broadband contract with the telco in March.
What they said: Aussie Broadband's co-founder and managing director Phillip Britt said: "We are pleased to have welcomed Symbio into the group. This successful acquisition represents Aussie's continued strategic investment into our wholesale and enterprise and government market segments."
"While the outcome of negotiations with Origin was disappointing, I remain confident in our growth trajectory," he said.
The source: ASX announcement
