Impairment charge drags down Vonex profit

Impairment charge drags down Vonex profit

Profit dips $22.8 million in the red.

Credit: Supplied

Publicly listed telco Vonex has experienced a full-year statutory profit loss of $22.8 million, which included an impairment expense of $19.5 million for the year ending June 30. 

Revenue jumped 35 per cent to $45.4 million and delivered underlying EBITDA of $5 million. 

The second half of FY23 focused on cost reduction and driving efficiencies, which involved making 12 staff redundant in Australia and 35 positions in the Philippines. 

Vonex told shareholders the customer migration from its MNF acquisition has been materially completed and was resource intensive and an operationally impacting activity. 

For the second half of FY23, Vonex said its primary focus was on organic sales activity, a coherent sales approach and combining various acquired businesses into one team under the Vonex banner. 

Some of its key strategic sales strategies include expanding its channel partner network to acquire more SME customers; improve its inbound direct sales team servicing and facilitating sales in conjunction with partners; outbound direct sales; optimising and improving customer experience through call centre consolidation and reorganisation, as well focus on increasing average revenue per user (ARPU) of existing customers and reducing churn. 

For the upcoming financial year, Vonex said it will focus on building and maintaining strong organic growth while consolidating prior acquisitions, driving operational cost efficiencies and building a consistent culture. 

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