news Fibre-optic broadband provider Spirit Telecom has released a shareholder update to the market, stating that it continues to expand its superfast broadband service to new buildings and that it is considering making acquisitions that would “complement” the firm’s direction.
Previously called Arunta Resources, the company specialises in providing optic fibre-based superfast broadband to apartment blocks and other buildings.
In the latest report, Spirit said that it has added 50 new commercial and residential buildings to its network in the first half of 2016. The figure represents a growth of 25% in building numbers, the firm said.
Notably, following its launch of 200/200Mbps broadband last year, the firm has now installed 400/400Mbps at premier residential block Freshwater Place in Melbourne.
The move makes Freshwater Place “arguably the fastest residential Internet building in Australia”, Spirit said.
Spirit said it has also increased its marketing expenditure, thanks to funds raised from its ASX listing in late June, and has grown its numbers of commercial customers.
The June reverse listing of Arunta Resources as Spirit Telecom Limited saw the firm raise around $2.6 million. After “listing expenses and commitments”, Spirit expects the cash available to fund growth and business development to be $2.2 million at the close of the financial year.
The firm added that its acquisition of My Telecom last year has brought benefits for Spirit through the continuing migration of the My Telecom network to its own.
“This enabled better product delivery to the MYT buildings, as well as operational leverage gained through the network consolidation,” Spirit said.
Spirit expects the migration to be completed “within the next quarter”.
In addition to marketing and business development expenditure, Spirit has also focused investment efforts on its core network upgrade and expansion.
As part of this process, and “due to the demand of business in Queensland”, Spirit has recently agreed to expand its network to a NextDC data centre in Brisbane, and is in the process of upgrading its Melbourne infrastructure (also with NextDC), as well as Sydney, with the data centre provided by Equinix.
These changes are aimed to “accommodate the increase in demand and maintain the current network performance”, the firm explained.
Finally, Spirit said it has now started seeking a “suitable target for acquisition”.
“An external company has been engaged to assist the process of finding a suitable company that would complement Spirit’s direction,” it said.
Richard: it’s all fibre bullshit.
Matthew: Richard, it’s bullshit because of the Labor speed tiers.
Reality: you can both see the reality!
Brought to you by Satire Pty Ltd
+ 1
Lol on the one hand, but you are actually correct in your so called satire. As that pretty well sums our dear friends up perfectly…
Which is sad really, but still humorous nonetheless.
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Is that you alain?
FTTN is perfect for 99.99% of normal people who use the Internet and also go outside and have a girlfriend.
The other 0.01% spend a lot of time on here and Whirlpool squealing like Pigs at issues no-one is even close to caring about.
We should be spending my taxes on Health Care for the Aged and better Policing. Increasing Internet speed for the Geeks is just stupid.
“FTTN is perfect for 99.99% of normal people who use the Internet and also go outside and have a girlfriend.”
And who will never do anything else with their lives. You should read a book or something and try to understand this stuff before commenting.
“We should be spending my taxes on Health Care for the Aged and better Policing”
This is what I mean…nobody spends any of our taxes on the NBN (it is not funded by our taxes at all). You should definitely invest in some education…
“Increasing Internet speed for the Geeks is just stupid”
Again, educate before speaking…the average increase in the economy for each doubling of broadband speed is 0.3% (a little over $5 Billion/year). So going from our current 6Mbps to 100Mbps is an increase to the GDP of over $20 Billion/year.
In addition, the average home in the world will be connected to a network offering 1 Gigabit by 2020…so to remain competitive economically, we will need to do at least the same.
Unfortunately, we’re now set in stone not to be competitive in that regard until 2030 at the earliest.
nice try nerd boy http://dc.wikia.com/wiki/J'onn_J'onzz_(New_Earth)
:)
FTTP gets services to the elderly, ill and remote – over time it will get a portion of cars off the road as well with smaller satellite branches of city companies that have 4k video conference at a button press and instant document transfers combining to make real-time collaboration.
Until there are several thousand active student users in the building hitting the private network FTTB.
Oops, why is my internet speed is now as fast as the old POTS 56k Hayes modem.
I didn’t realise your providing free marketing to businesses now. Thus is not News, it’s regurgitated company propaganda.
If you did some actual research you would find out this is not even close to the fastest residential building in Australia.
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