The positive bottom line was achieved on the back of a 43% increase in total revenue to $2.83 billion – including business revenue of $388 million, up 54% on FY18 - with the positive result largely attributed to the addition of over a million new customers to the NBN.
And average revenue per user (ARPU) was $46 for the year, up from $44 in FY18, as the operator of the broadband network – NBN Co – reported 1.5 million additional activations over the 12-months to the end of June.
NBN Co says it has now completed construction on 85% of the NBN and confirmed that it is on schedule to complete the build by 30 June 2020, and “on track” to meet the target date for the rollout, with network construction 85% complete compared to 75% in FY18.
“FY19 has been the Company’s biggest single year of progress on the build and, more importantly, we’ve welcomed 1.5 million new customers to the NBN in the last 12 months,”says NBN Co CEO Stephen Rue.
“And here today, I am pleased to confirm that the construction of the NBN access network – the largest infrastructure project ever undertaken in Australia – is on track and remains on schedule for completion by 30 June 2020.
“I cannot emphasise enough what a remarkable achievement this is.
“Many years ago, we set out a plan to complete the build in 2020. Today, less than one year away, we can confirm we are on time and on budget. This is a testament to the incredible diligence and effort of nbn employees and our delivery partners and I thank them for their continued commitment. As Australians, the way we live and how we work will be changed for the better because of this investment in this country’s digital capability.”
On the rollout towards the 2020 schedule for construction completion, Rue said, “As we turn towards the next phase of the company, we know that we have more work to do to improve the experience of our customers – from meeting service performance expectations when they are connected, to improving their everyday experience, to ensuring any issues are resolved promptly”.
“We’re working hard to improve, and we’re also collaborating with our delivery partners and all Retail Service Providers (RSPs) to improve every aspect of the residential and business customer experience.
“Today’s results confirm the strength of the company and our strategic plan and demonstrate that we are delivering against our key financial and business metrics. Our total revenue result of $2.83 billion, some $200 million above forecast, was a standout success.
“We are making great progress with the business segment contributing more than $388 million in revenue in FY19 and we expect this segment to remain solid and for residential and business customer demand for higher speed tiers to continue in FY20.”