Macquarie Communications Group exceeds prospectus forecasts

At its Annual General Meeting, Macquarie Communications Group has announced it has “exceeded prospectus forecasts” for the financial year, with total revenue earnings of $175 million (up 22% on last year) and EBITDA (pre fees and non-operating items) of $97.7 million.

The AGM has been told “MCG’s security price has significantly outperformed the benchmark,” giving 160% accumulated return to investors since IPO to 29 October 2004 and a 28.8% return since June 30 2003, including distribution of 23 cents per share.

The infrastructure investment management vehicle, which owns Broadcast Australia, has solid contracts locked in for many years to run broadcast infrastructure for the ABC and SBS, and this year also secured contracts with Prime Television and Southern Cross Broadcasting to manage their transmission infrastructure.

Broadcast Australia also launched a Digital radio trial in Melbourne and the DIGITAL FORTY FOUR datacasting trial in Sydney this year with a view to “maximising opportunities associated with growth of digital technology in Australia.”

In a reversal of fortune the company is also considering buying into the UK transmission company ntl, which was formerly its parent company.

Other areas of possible expansion include Wireless infrastructure assets and Emergency Services Radio.

MCG is “well positioned for continued earnings and yield growth” according to the company’s forecasts.