nbn co doubles FY18 revenue to $1.98bn

nbn co nearly doubled its revenue for the last financial year as it made solid progress with the network rollout.

The company has reported total revenue of $1.98 billion, up 98% from the prior financial year, on the back of a 65% increase in total connections to 4 million.

Construction of the network also moved closer to completion. As of the end of June, the network had 7 million premises ready to connect and a further 1.1 million ready for service after additional work is completed at the premises.

This represents increases of 29% and 42% respectively from FY17, and means that at the end of FY18, more than 70% of the total network construction was complete and more than 60% of Australian premises were able to connect to an nbn service.

The company said its Focus on 50 campaign to offer price promotions to encourage greater take-up of 50 Mbps speed plans had resulted in more than 45% of end users being on 50 Mbps wholesale speed plans or higher as of the end of June. This is in line with the findings of the ACCC's latest Wholesale Market Indicators report.

Due to higher connectivity virtual circuit provisioning by the nbn's retail service provider customers, average congestion time meanwhile fell from more than five hours per week per premise in FY17 to just 25 minutes per week per premise in FY18.

The nbn's July monthly progress report meanwhile shows that as of the end of the month, there were 7.1 million premises ready to connect, 4.2 million connected homes and businesses and 47% of end users are on 50 Mbps wholesale speed plans or above.

Image courtesy nbn co.

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