Neotel released its interim results today, revealing a 10% rise in revenue and 30% increase in consumer customers in the last six months.
Neotel today announced strong financial performance for the half year ended September 2012 with EBITDA consistently positive since Q2FY12 to Q2FY13.
Sunil Joshi, MD & CEO of Neotel said, ‚”Neotel continues to make significant progress in growing our revenue while improving the margins in our business. We continue to focus on increased asset utilisation and improved productivity, with EBITDA improving each quarter since it turned positive in Q2FY12. Our business customers have grown 18% and our consumer customers have grown 30% in the past 6 months of this financial year, and we have also seen growth in our key product portfolios across all major categories. Team Neotel has come together to deliver results.‚”
Revenue grew by approximately 10% in H1FY13 ended September 2012 compared to H1FY12, on the back of a growing customer base across all market segments and growth in market share. Neotel’s products such as NeoOne, an innovative, converged data and voice solution for business, have been making a noticeable impact in the market.
Joshi continued, ‚”Increasing demand for our converged services means that Neotel is being acknowledged as a leader in IP and converged services in South Africa and the SADC region. Market firsts like Neotel’s two public TelePresence rooms (in Johannesburg and now in Cape Town) bring innovative new technologies to SA businesses and enable improved collaboration and productivity, while reducing costs of travel and providing a green solution for domestic and international meetings. With access to over 12,000 kilometres of fibre across South Africa, Neotel provides reliable and flexible network, internet solutions to meet the domestic and global communications needs of our customers and help increase client productivity. We are really appreciative of the support we have received from our customers and we thank them for their continued support over the years.‚”
‚”Neotel will continue to focus on our five key priorities to ensure our growth trajectory continues. By improving the customer experience, growing revenue and market share, staying focused on our people, and bringing disruptive products to the South African market, we aim to provide innovative and world class communication solutions to our business and home customers‚”, Joshi concluded.
Year on Year Highlights:
· Revenue up over 10%
· EBITDA growth of 276%
· Free cash flow improved by 49%
· Growing at more than double the industry growth rate
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