TeamTalk lifts profit, hunts for acquisitions
Wellington-based telecommunications company TeamTalk has reported a 15.9 per cent rise in net profit to $5.4 million for the year to the end of June and signalled it is on the hunt for acquisitions.
The company said the Government's investment in ultrafast broadband and changes in the way the Government was procuring services, demanding "more for less", would change the industry but that there were still opportunities to grow.
"As signalled at our annual meeting last year we are on the lookout for acquisitions and we think that both our financial position and the external environment for asset purchases combine to make the prospect of something happening on this front the best it's been for years," the company said in a statement.
TeamTalk's revenue rose 1.9 per cent to $32.4m. The company provides fixed and wireless broadband services, wi-fi and mobile radio services, including through Wellington subsidiary CityLink and rural broadband provider Araneo.
The provision of broadband accounted for the majority of its earnings, it said. Chief executive David Ware attributed TeamTalk's growth to customers appreciating its "straight-forward approach".
TeamTalk announced a final dividend of 10 cents a share, taking its total annual dividend to 20c.
The company's shares were up 1 cent at $2.56 in lunchtime trading.
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