NBN Co revenue cracks $5.2B for FY23

NBN Co’s revenue over the 2022-23 financial year has surpassed $5.2 billion, rising 3 per cent year-on-year, due in part to new activations and an increase in the residential average revenue per user (ARPU).

Specifically, the revenue figure landed at $5.27 billion, which, according to the National Broadband Network (NBN) builder, falls within its guidance of $5.2 billion to $5.4 billion.

The growth in telecommunications revenue was driven by increased activations, particularly in its residential segment, which rose to $47 ARPU as more customers took up whole download speed tiers at 100 Mbps and above.

Business revenue was also up 8 per cent, to $1.1 billion while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 15 per cent, to $3.6 billion.

The network builder also said it was on track to allow 10 million premises to access NBN Home Ultrafast plans, which offer wholesale download speeds of at least 500 Mpbs – a statistic it announced at the end of last month.

As for its ongoing Fibre Connect network upgrade, NBN Co said it is making “good progress” with its transition from copper to full fibre. It also said that the final 500,000 premises to receive upgrades by way of investment from the federal government are expected to be announced during FY24.

NBN Co CEO Stephen Rue said the network builder met key performance metrics and full year guidance set in its 2023 corporate plan.

“Looking ahead, we remain committed to delivering great outcomes for customers while maintaining a productive relationship with industry participants as we work toward acceptance of the SAU Variation,” he said.

“Sustainable long-term pricing will underpin future investments in the NBN network to ensure we continue to serve and keep pace with the nation’s digital needs.”

Rue also said NBN Co is close to submitting its revised SAU, which was previously rejected by the Australian Competition and Consumer Commission (ACCC) in May.