M2 added to ASX 300

Telecom services provider M2 Telecom (ASX:MTU) has joined the S&P/ASX 300 list, after reporting a $27.6m profit in FY11

M2 Telecommunications (ASX:MTU) has been added to the S&P/ASX 300 Index, in the wake of its record showing for FY11.

The telecom service provider was added to the list in the September rebalance by S&P Indices.

Announcing the development, M2 said its market capitalisation had grown from $14 million at the time of its listing in 2004 to $370 million today.

“This is a very significant milestone in M2's journey as a public company,” outgoing CEO and managing director, Vaughan Bowen, said.

M2's admittance to the list comes days after it revealed it grew its FY11 profit 72 per cent to a record $27.6 million. M2 is forecasting lower revenue, but higher ebitda margins in the year ahead.

The September rebalance also saw Iluka Resources (ASX:ILU) replace Bluescope Steel (ASX:BSL) on the S&P/ASX 50. MTU shares grew 2.68 per cent on Friday to $3.070.

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