iiNet revenue passes $1 billion

Internet service provider iiNet passed $1 billion in revenue for the first time in history during its fiscal year 2014, the company revealed today.

The ISP attributed the milestone result to a return to organic growth following a string of recent acquisitions. The growth saw 40,000 new broadband customers join the company over the past 12 months.

"The most pleasing aspect of these results is our return to organic growth," iiNet's new CEO David Buckhingam said.

"This growth reflects three simple things done very well - customer service, product innovation and effective brand marketing - which have worked together to lift iiNet brand awarness across all key states and delivered exceptional sales growth."

New subscribers brought iiNet’s customer base even closer to the million mark, with 950,000 total broadband customers on its books nationwide.

It also now counts over 40,000 active customers on the national broadband network, giving it 26 percent of the market share in greenfields developments and 19 percent in brownfields.

Of its $1 billion in revenue, 20 percent came from business customers - $204 million, a 10 percent jump on last year.

iiNet’s net profit came in 19 percent higher than 2013 at $65.8 million.

“We are excited about the growth prospects of the business as we execute our growth strategy to leverage our core and extend our brand,” Buckingham said.

“iiNet was founded 20 years ago by Michael Malone with a culture of doing things differently. We will seek to leverage the high advocacy of our customers and continue to explore new opportunities to connect them better to their increasingly complex digital worlds.”

More to come