Service Stream to ditch NBN greenfields work

Company retains other NBN contracts

Network services company Service Stream will not seek more greenfields NBN work after its existing contract expires at the end of November.

The current New Developments contract, renewed in 2014, had two one-year extension options.

“New Developments is a relatively small contract for Service Stream, estimated to contribute $20m in revenue p.a. going forward,” Service Stream managing director Leigh Mackender said in a statement.

“We do not anticipate that the absence of revenues from the New Developments contract in the second half of the financial year will have a material impact on achievement of the company’s FY17 profitability targets.”

“We are proud of our achievements over the past four years in delivering services against this contract, and the business’s ability to meet or exceed our client’s delivery objectives over this time,” Mackender said.

Service Stream retains a number of other NBN contracts, including to roll out National Broadband Network infrastructure under NBN’s outcomes-based Multi-technology Integrated Master Agreement (MIMA) template and an ‘Operate and Maintain Master Agreement’ for work in areas where the network is already live.

Service Stream’s fixed communications business reported revenue of $192.8 million for FY16.

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