Just a few days short of the six-year anniversary of his appointment as Telstra chief executive, Andy Penn has set a series of growth targets that could well come to define his legacy at the telecommunications giant.

After delivering an interim result in line with guidance but weighed down by the continuing transition to NBN Co and COVID-19 costs – underlying earnings before interest, tax, depreciation and amortisation fell 14.2 per cent to $3.3 billion, while net profit dropped 2.2 per cent to $1.1 billion – Penn made three key announcements regarding earnings.