Aussie Broadband expects to make at least one acquisition this year

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Aussie Broadband expects to make at least one acquisition this year
Aussie Broadband's Phillip Britt.

Looks for tech capability as well as customer bases.

Aussie Broadband is expecting to make “at least one acquisition” by the end of 2021, with its early search efforts focused on finding a business-oriented company to purchase.

Managing director Phillip Britt told the company’s maiden FY21 results briefing that Aussie Broadband had brought on a head of mergers and acquisitions (M&A) in April of this year.

“M&A is always a hot topic for listed companies,” Britt said.

“We’re starting to make some moves in that space. We appointed our head of M&A in April this year and he’s been actively scouring the market looking for opportunities. 

“We do expect to make an acquisition this calendar year.”

The company’s accompanying slide deck suggested it is “expecting to make at least one acquisition” in the first half of FY22 - essentially before the end of 2021.

It is “currently working through a number of capability-based and customer base acquisition opportunities in the business segment”, according to the slides.

“Most of our focus to date has been in the business segment and we’re looking for basically technology and skills that fit into what we’re trying to create,” Britt said.

“We’re a great technology company, we can build all those things. What we can’t make more of is time, so ultimately the M&A space is about speeding up time.”

Britt did not discount also making acquisitions in the residential space, however he reiterated Aussie Broadband’s current focus on the business segment as a key source of future growth as the reason why M&A activity is also being concentrated there.

Aussie Broadband yesterday reported FY21 revenue of $350.3 million, up 84 percent year-on-year.

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