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The Aussie Broadband Ltd (ASX: ABB) The stock price is gaining today, up 4.8% to $ 4.80 per share at the time of writing. This as Index of all ordinary (ASX: XAO) was down 0.19%.
Below, we take a look at some highlights from ASX Telecom’s Annual General Meeting (AGM).
What was reported at the AGM?
Aussie Broadband’s stock price is well in the green, with the company showing its earnings of $ 19.1 million before interest, taxes, depreciation and amortization (EBITDA) for fiscal 2021 (excluding introductory costs in stock exchange).
This figure was in line with the forecast for May.
Aussie Broadband President Adrian Fitzpatrick noted the growing importance of connectivity during the COVID-19 pandemic:
The COVID-19 pandemic has placed much more emphasis on having reliable internet service at home because, for many of us, our homes have become our workplace as well as our school. children.
Customer support also became paramount during this time; when problems with your internet connection occurred, no one wanted to wait on hold for a very long time.
Boost the result
The Aussie Broadband stock price may also rise today after CFO Brian Maher recapped the company’s revenue for fiscal year 21 increased 84% year-on-year to $ 350 million. He noted that the residential and commercial segments have grown at similar rates.
Addressing the changes since the company’s initial public offering (IPO) in October 2020, Maher said:
The company’s financial position improved significantly following the completion of the IPO with the conversion of the pre-IPO convertible notes into equity and the entry of $ 37.4 million in net proceeds. in cash from the IPO.
During the second half of the year, the company’s external debt balance of $ 5.5 million was repaid. The June 30 cash balance increased $ 35.6 million year-over-year to end the year at $ 57 million.
Aussie Broadband Stock Price Snapshot
The Aussie Broadband share price has been a strong performer in 2021, up 136% since January. By comparison, the All Ords have gained 11% year-to-date.
However, Aussie Broadband shares have fallen almost 2% over the past month.