nbn on track to meet its financial year plan: Bill Morrow

Reveals successful quarter results

NBN CEO Bill Morrow.

NBN CEO Bill Morrow.

nbn has revealed its third quarter results, showing a total revenue $111 million, an increase of more than 158 per cent versus the previous corresponding period in fiscal year 2015.

Nbn CEO, Bill Morrow, said delivering its eighth quarter in a row of meeting or exceeding all targets, the company is on track to meet its financial year plan.

"The team's focus and determination has delivered another successful quarter, our eighth in a row".

“nbn is ahead of plan on activations, which is translating through to improved earnings. The experience and satisfaction of our end-users is positive and we are now connecting, on average, 14,000 new premises each week,” he said.

According to Morrow, the company will continue to demonstrate its ability to scale and deliver against increasingly challenging targets.

“This quarter saw the company make ready-for-service its two millionth premise. A huge achievement and a clear demonstration the team is hitting its stride.

"We are successfully integrating the final components of our technology mix in the nbn network, with the Sky Muster service now launched and the HFC product on track to launch in the coming months", he mentioned.

Morrow also highlighted that early HFC build works were also commenced under the Memorandum of Understanding signed with Telstra, with the agreement signed mid-April. He said trials and construction continue in the first trial areas: Ocean Reef (Western Australia); Unley (South Australia); and Redcliffe (Queensland) ahead of its planned HFC commercial launch on June 30.

In addition, the number of homes ready-for-service surpassed two million, reaching 2.01 million with a further 338,287 homes and businesses added to the nbn network footprint over the three months. As of March 31, there were 902,948 premises with an active nbn service, with 166,896 new homes and businesses signed up to the network over the quarter.

Morrow said the benefits of the network are being realised by more than 900,000 homes and businesses who have already connected to the network.

"We are building a network to meet the needs of Australians today and for the foreseeable future. We are building as fast as possible and providing an upgrade path to meet demand as it emerges, and there is a true sense of pride for all involved.

“How we can use the nbn network for new applications in health, commerce, education and entertainment is now the conversation for a growing number of Australian homes and businesses,” he added.

Morrow also indicated the company is on track to meet its FY16 corporate plan targets.

“We will exceed our full year revenue target. We are ready for the challenges ahead, which are not to be taken lightly. We know these risks, we have strategies in place to mitigate them and we have a great partnership across our industry to help us execute on the task at hand,” he said.

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Tags NBNnational broadband networkTelecommunicationsgrowthrevenueBill Morrow

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