Macquarie Communications Infrastructure Group (MCG) has released its interim results for the half year to December 2005, recording a 240% increase in Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) on the previous corresponding period.
Revenue was up 397%. MCG recorded a net profit of $32.5 million after minority interests and EBITDA of $186.4 million.
These are the first interim results in which Arqiva has been fully consolidated. On a proportionate basis, to reflect that Arqiva is 54% owned, EBITDA increase was calculated as 133 per cent and revenue growth as 221 per cent.
MCG’s Chief Executive Officer Scott Davies says it is a strong result for MCG’s investors:
“Both the businesses in MCG’s portfolio performed well during the period. Broadcast Australia achieved a 15.6% EBITDA growth and 13.8% revenue growth. Arqiva achieved 5.3% EBITDA growth and 10.6% revenue growth on its June half result.
“These increases were delivered by strong operating performance; both businesses won a number of new contracts and Arqiva successfully completed the integration of Inmedia.
Davies says Arqiva and BA are well placed to achieve further growth in key areas such as digital TV, digital radio and mobile TV.
During the period Broadcast Australia refinanced to increased its bank debt facilities at improved terms. These facilities will be used to develop its existing business.
Growth through acquisition remains on MCG’s agenda, but MCG will only acquire further assets “when they meet our strict investment criteria such that it is in investors’ interests,” according to Davies.