Telecommunications company, Vocus Group
(ASX:VOC) has announced its first half results for the 2019 financial year with underlying net profit sliding 29 per cent to $48.8 million compared to the year earlier period.
Revenue increased ever so slightly by 1 per cent to $974.2 million.
Earnings (underlying EBITDA) slid 10 per cent to $170.7 million.
The company did not declare an interim dividend.
Looking forward, Vocus has confirmed full year earnings guidance of $350 to $370 million.
Vocus says strong sales momentum was, offset by higher than normal churn and provisioning cadence, both of which are being addressed as a priority.
The company says it does not intend to grow NBN share in the market but will focus on optimising the broadband experience for existing customers.
Shares in Vocus Group
(ASX:VOC) are trading trading 3.99 per cent higher at $3.65.
