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M2 (ASX:MTU) grows FY10 profit 119%

M2 (ASX:MTU) grows FY10 profit 119%

M2 Telecom (ASX:MTU) has lifted its FY10 net profit 119% to $16.2 million on rising revenue.

Revenue grew 101% to $406.1 million, while ebitda grew 136% to $31.4 million.

M2 CEO Vaughan Bowen said the rapid growth “has necessarily required our team and nationwide dealer network to adapt to and support the demands of a much larger business,” leaving it primed for future growth.

As a result of the strong balance sheet, which exceeded previous guidance, M2 has declared a final dividend of 5 cents per share. MTU shares are today up 4% to $1.820.

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Tags M2financial resultsASX:MTUvaughan bowen

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