MEDIA RELEASE - Vodafone New Zealand’s FY2016 financial results were published by the New Zealand Companies Office earlier this morning.
Vodafone New Zealand Chief Executive Officer, Russell Stanners said today the financial results for the year ended 31 March 2016 were delivered to plan and position the company well.
“Following the successful integration of TelstraClear and the strategic acquisition of WorldXChange, we have realised the potential of new revenue streams, grown our customer base, and achieved 2% YoY growth and +$72million improvement in profitability YoY to report a loss of -$18.3million for the 2016 financial year,” Russell said.
“Our debt facility was renewed at a lower interest rate, reducing our financing costs. In addition, Vodafone Group input $300million of equity. The combined increase in revenue and decrease in operating and finance costs has seen a $72million improvement in profit after tax.
“In a highly competitive industry, it is important we continue to grow, be nimble, bring innovative ideas and products to the market quickly, and provide kiwis with world leading mobile technology and superior wireless and fixed broadband services,” Russell said.
The acquisition of WorldXChange provided Vodafone with the capability to extend a leading product and service offering to business and government customers and enable them to move into IP based connectivity.
“We plan to continue the momentum built in the last financial year. We are excited about the future and our ability to deliver innovative products and services that change the way kiwis live, do business and relax,” Russell said.
