MNF Group has posted impressive profit growth for H1 FY21 despite no significant increase in revenue, showing a 10 percent increase in gross margin to nearly $50 million.
In the company’s latest ASX release, MNF reported an EBITDA of $19.6 million, a 16 percent year-on-year increase, with an after-tax net profit of $8.4 million, a 30 percent increase.
As part of a strategic review of its direct business, MNF divested itself of Pennytel, selling the subsidiary to one of its domestic wholesale customers, Macarthur Telecom.
"The agreement enables MNF to continue to realise benefits of the Pennytel business through an ongoing agreement with Macarthur Telecom to continue to grow the customer base on MNF's wholesale enablement service," according to MNF Group.