ABB -15.98%: the telco provided a 4th quarter update today, shares initially traded higher before selling off as the market digested the news. Total connections were up 7%, however, this included the Over The Wire (OTW) acquisition which added around 1.5% to the growth number. Total services were up 46% for the year, led by strong growth in Business, though this was slightly below expectations given the reduced marketing initiatives over the election period. EBITDA is expected to come in at the top end of the $38-39m range though with better than expected savings and improved margins We spoke to the CEO of Aussie Broadband today, who said they were happy with the performance and a number of the pressures on their service seen in Q3 had eased. They will release their FY22 results on 29 August.
MM remains bullish ABB despite today’s fairly aggressive sell-off
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