BigAir profit flat, revenue soars
- 24 August, 2011 08:45
Fixed WiMax operator BigAir (ASX:BGL) reported near-flat profit for FY11, as acquisition and restructuring costs balanced out strong gains in underlying ebitda.
The company reported a net profit of $1.5 million for the year, up just 0.3 per cent from the year before. This compares to a 30 per cent growth in underlying profit to $2 million.
Underlying ebitda also increased 69 per cent to $5.4 million, while revenue climbed 105 per cent to a record $15.5 million.
During the year, the company completed the consolidation of educational internet services provider AccessPlus — which it had arranged to acquire in January — and came close to doing the same for Clever Communications, which it bought in an offer first made in November.
In a market update, BigAir noted that its results include only six months' contribution from these businesses, and that it expects its efforts to pay off further in FY12.
The company added that following its integration efforts, its focus for the financial year will now be organic growth.
BGL shares grew 7.84 per cent on Tuesday to $0.275.
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