Neotel claws its way back

Yesterday Neotel announced a 25% year-on-year revenue growth, with its number of broadband subscribers growing to 100 000.

Neotel yesterday announced robust year-on-year financial performance for the year ended March 2012, reporting 25% revenue growth and a doubling of its consumer user base.

Sunil Joshi, MD & CEO of Neotel, said that the company had reached the 100 000 mark of broadband subscribers, and was aiming to increase this by 50% in the coming year.

‚Neotel is proud to announce 25% year-on-year revenue growth,” Joshi said. “”We have continued to see improved asset utilisation and increased productivity within the company with EBITDA improving each quarter since Neotel turned positive in Q2 FY12.‚

Neotel grew its revenue by approximately 25% in FY12 (Full Year ending March 2012), compared to FY11. This growth came on the back of a 50% growth of business customers, and a doubled consumer base over the previous year to over 100,000 customers.

Said Joshi, ‚Everything we do at Neotel is because we believe in challenging the status quo and in doing things differently. We do this by designing easy and simple to use communication products and services for our customers. We will continue enabling our customers through efficient and cost-effective telecommunications and by being a catalyst for their global expansion plans. An area of great focus for us this year will be that of further improving our customers’ experience.‚

‚Our business focused on four priorities at the start of the financial year (ending 31 March 2012): to improve customer experience, grow revenue and market share, become profitable and be passionate about our people. The results are a testimony of the tremendous efforts from Team Neotel led by an experienced leadership team in making progress on each of these imperatives.‚

Joshi said Neotel’s four-pillar focus has yielded great results over the past twelve months. Key highlights during this period include:

· Business customer growth of 50%

· Consumer customer growth of over 100%

· Growth of six times the average industry growth:

¬∑ Increased global connectivity through Neotel’s unique position of having access to all five undersea cables that connect South Africa -creating an unmatched seamless local and global capability

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