Vocus upgrades financial outlook

Wholesale IP transit provider Vocus has upgraded its earnings guidance for the financial year to $5.69 million, some 15 percent higher than forecasts in its prospectus.

The company only started trading on the Australian Stock Exchange on July 8. A public offer via prospectus closed oversubscribed.

Chief executive James Spenceley said Friday that while the result was subject to auditing, it was a "strong result and testament to Vocus' wholesale business model".

He said the model was "underpinned by growing demand, long-term contracts and continued focus on customer service."

"The result, combined with our recent listing and capital raising sets the stage for Vocus to further invest in organic and acquisitive growth for FY2011 and beyond,” Spenceley said.

Spenceley told iTnews last month that the company could branch into ‘whiteboxed' layer 3 services in a national broadband network (NBN) world.

The company counts the likes of iiNet, Internode and TransACT among its customers.