Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


TeamTalk confident of weathering global storm

6 November 2008
For immediate release

TeamTalk confident of weathering global financial storm

Shareholders at TeamTalk’s AGM today were told that on the back of a record year the company was well positioned to see out the economic contraction.

``Our revenue was at its highest point ever, earnings before interest and depreciation were also at the highest point, as was profit after tax,’’ said Managing director David Ware.

Revenue increased 25.8% over the previous year to $30.9 million and profit for the period increased 13.3% to $4 million.

CityLink continued to grow at around 20%, while expanding it’s high speed fibre-optic network, this year adding a link to Petone. ``But for me the key point is that the majority of that capex required for this growth is directly tied to new revenue and new customer contracts. This means if there’s no customer contract in place, then there’s no capital investment,’’ Mr Ware told shareholders.

TeamTalk’s high-speed wireless company Araneo was struggling to cope with demand having signed some significant new customers over the period.

Mr Ware said the listed telecommunications company expected at some stage the number of connections would contract as the freight sector felt the pinch, but that the company was diversified and in good shape to weather the global storm. ``Overall I think the company is well-positioned. We’re fit, we’re tough and we’re ready.’’


© Scoop Media

Business Headlines | Sci-Tech Headlines


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>


Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>