Vocus Group Ltd (ASX:VOC) Share Price Falls On AGM

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The Vocus Group Ltd (ASX: VOC) share price has fallen 2% in early trade after presenting at its annual general meeting (AGM).

Vocus is a telecommunications business that operates infrastructure and public-facing brands Commander, Dodo and iPrimus.

Vocus update:

Chairman Bob Mansfield reminded that Vocus’ underlying EBITDA increased by 7% to $366 million in FY18 and revenue grew by 2% to $1.9 billion (click here to learn what EBITDA means).

The company re-iterated the news about a number of its infrastructure projects:

The 4,600km Australia Singapore Cable (ASC) linking Perth to Singapore via Indonesia went live in early September.

The 2,100km North-West Cable System linking Port Hedland to Darwin went live last year.

In September, the company announced it is working with the Northern Territory Government to construct a new fibre optic cable link between Darwin and the Tiwi Islands.

In June, it won a contract with the Australian Government to construct the ‘Coral Sea Cable’ between the Solomon Islands, Papua New Guinea and Australia, and a domestic cable network within Solomon Islands.

Trading update:

CEO Kevin Russell said that due to investing in the company, “We are not anticipating earnings growth in FY18 and we do expect the second half of FY19 to be stronger than the first half.”

The Vocus share price is up 33% over the past six months.

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Jaz Harrison

Jaz Harrison

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