Uniti says it will do better than expected, triggering a share jump
Uniti group says its full year profit will be better than expected.
SA Business
Don't miss out on the headlines from SA Business. Followed categories will be added to My News.
Uniti Group shares have added more than 12 per cent in early trade after the telco upgraded its earnings guidance.
The Adelaide-based company said full year profits before interest and tax would be about 12.5 per cent higher than previously forecast, coming in at $35-$37 million.
The company has not yet reported its first half results for the period ending on December 30, which it will do next week, but said that based on its favourable operating performance, first half EBITDA would be between $17.5m and $18.5m.
“The primary contributors to the revised forecast are better than expected organic growth in Uniti’s wholesale and infrastructure business, and higher synergies realised in integrating 1300 Australia into Uniti’s specialty services business unit,’’ the company told the ASX.
Uniti listed in February last year when it was known as Uniti Wireless, which was focused on providing fast broadband.
The company has since changed its name and made several acquisitions.
It is currently valued at more than $500 million.
The stock was trading 20c higher at $1.75 this morning.