NBN revenue, earnings up in FY21

NBN Co has reported a jump in revenue to $4.6 billion, after connecting nearly a million more residential and business premises to the network in the past 12 months.

The network, which reached technical completion in December, has begun upgrades to premises currently connected to a fibre node as oppossed to a direct connection.

NBN says it has grown its revenue by 21 per cent in the year to June 30 and now has 8.2 million premises connected to the network.

It said it connected 933,000 additional premises in FY21.

The company’s underlying earnings are now in the black, at $1.35 billion – up $2 billion on FY20.

NBN said the outcome was based on both strong revenue growth and reduced subscriber payments, which halved in FY21 to $1.2 billion.