M2 connects first NBN customer
- 06 July, 2011 11:35
Listed telecommunications provider M2 Telecommunications (ASX: MTU has connected its first customer to the National Broadband Network (NBN Co).
The customer, based in Armidale, NSW, was connected via the company’s wholly owned subsidiary, Southern Cross Telco.
In an ASX statement M2 said it anticipated further connections would take place under Stage 1 of the NBN trial via a wholesale aggregation alliance with Telstra Wholesale.
In addition to Armidale, the alliance includes Brunswick in Victoria, Townsville in Queensland, Minnamurra in NSW and Willunga in South Australia.
In April M2 acquired the assets of mobile services reseller, Edirect, for $5 million, scooping up the contracts of more than 50,000 post-paid mobile phone customers. M2 has also entered a separate agreement to acquire the systems used in servicing the Edirect customer base.
In March the company upgraded its earnings guidance for FY11 by up to 20 per cent, on the back of its recent acquisitions and more favourable business agreements. At the time M2 forecasted underlying net profit of between $30.4 million and $31.9 million, a 20 per cent increase in the midpoint range compared to guidance issued at the start of the financial year.
In February the company continued its acquisition spree announcing its intention to purchase the mobile contracts and records of 15,000 Austar customers in a $2 million deal. According to an ASX statement the deal will provide a means for M2 to expand its Southern Cross mobile business.
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