9:49AMWednesday Apr 23rd, 2014

47% Increase in Profit for M2 Communications

voipLast year’s $192.4 million purchase of Primus seems to have paid off for M2 Communications who reported a 65% increase in revenue for half the year.

The company also reported that their net profit had jumped to $24.7 million, up by 47%.

M2 CEO, Geoff Horth, attributed this dramatic profit increase to the acquisition of Primus.

“Following the acquisition of Primus in June 2012, our team has worked tirelessly on integration and to deliver synergies which will positively impact our earnings.”

Horth said that buying Primus has helped the company’s abilities to offer increased services around the National Broadband Network (NBN), VoIP, hosted voice and cloud.

Horth expects revenue for M2’s full year results to grow by 60% to in the range of $610-650 million.

M2 has been one of four service providers selected to offer internet business solutions on the NBN, along with Internode, Macquarie Telecom and iiNet.

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