2degrees’ rapid growth continued in 2015 with revenue of $569. 1m and EBITDA of $78.5m. The strong financial performance occurred in a year when 2degrees became a full service telecommunications provider, acquiring Snap, and made further significant network investment.
The company’s financial statements for the 12 months ending 31 December 2015, lodged with the Companies Office this morning, include eight months of Snap operations following the acquisition.
2degrees Chief Executive Stewart Sherriff says 2015 was a year of expansion for the company with network build, the launch of 2degrees residential broadband services and increasing traction in the highly competitive business market.
As expected, the significant investment involved in these activities held the company to a net loss, which at -$33.1m was a 6% improvement on the prior year.
Mr Sherriff says 2015 was about growing revenue market share, capability and the future potential of 2degrees.
“Our growth strategy is working. Our network has been expanded to reach 95% population coverage and we’ve reduced costs without compromising the quality of our highly regarded customer service,” he says.
“It’s been extremely satisfying to see the 2degrees brand resonate with a wider audience - especially residential broadband customers, with monthly sign-ups increasing almost eight times,” he says.
“Our products are increasingly attractive to businesses, with the Pay Monthly portion of the 2degrees customer base increasing 25% and large customers such as Hawkins Construction, IHC and Watercare choosing 2degrees for their fixed and mobile needs,” he says.
In 2015 2degrees continued to deploy 4G services throughout metropolitan and regional centres and has recently renewed its long term national roaming agreement for the small percentage of the population the 2degrees network does not currently reach.
“We expect this growth to continue in 2016 as investments in network and customer acquisition continue to reap rewards.”