Aussie Broadband shares jump 8% after profit quadruples

The news: Telecommunications company Aussie Broadband has more than quadrupled its annual profits, as it significantly lifted its broadband market share.

The numbers: Aussie's net profit after tax was up 308% to $21.7 million, with revenues rising to $788 million. The internet provider carved out an NBN broadband market share of 7.6%, up from 6.5% in FY22, aided by an 18.2% increase in connections. ABB shares were trading 8.2% higher at 2:15pm AEST, fetching $3.355. Aussie did not declare a dividend for the period.

The context: Aussie broadband has grown to become the fifth-largest broadband services provider since forming in 2008, and is targeting a 10% market share by 2025, according to the Australian Financial Review. The company has grown from a mostly residential-focused retail service provider to a communications and technology company, with a view to shaking up Telstra's hold on the sector by focusing on customer service, technical expertise and infrastructure ownership.