Vocus on track for “strong” FY12: CEO
- 23 September, 2011 18:28
Wholesale telecom service provider Vocus (ASX:VOC) is on track for a “strong” showing this financial year, management believes.
In a letter to shareholders in the company's annual report, CEO James Spenceley said the company is “already on track for yet another strong year in FY12.”
He said the company planned to keep up its strategy of expanding through acquisitions, as well as investing to expand its reach organically.
The purchases helped Vocus lift its net profit for the year by 113% to $3.8 million.
Spenceley said the integration of the three acquired businesses is now complete.
An aim of both the acquisitions and the organic investments is to put Vocus in the position to service more of its customers' communications needs, according to chairman David Spence.
“Today only 26% of our customers buy more than one product from Vocus, whereas most customers need internet access, connectivity and co-location services,” Spence said in his own letter.
“Vocus'... offer of redundant international access, data centre colocation and dark fibre to the premise is exactly what ISPs, corporates and large internet users now need.”
Spence added that the company believes the trend towards cloud-based services is poised to dramatically increase the need for fibre access services and redundant links between enterprises and data centres.
Vocus has committed $5 million to further expand its dark fibre network over the coming year. FY12 will be Vocus' second year as a listed company.
VOC shares fell 8.72% on Friday to $1.360.