Kiwi telecoms operator Spark New Zealand was seen as a investment basket case only a few years ago, but it's progressing solidly with a two-step transformation program.

The first stage has been ticked, with cost-out and rationalisation initiatives seeing revenue and margins stabilise in its core business segments in the 2014-15 financial year. The second stage is to drive market revenue and margin growth through a combination of organic/market share gains and selective merger and acquisition projects, while continuing to improve unit costs.