Z Energy exits electricity retail.
Amid a tough half-year with mounting losses, Me Today aims for recovery with a new CEO, debt restructuring, and an international licensing deal.
But the saga is still weighing on the share price.
‘We’re like a hotel for fruit,’ CEO says. ‘The occupancy rate is down ... so it’s not surprising that we’ve made a loss.’
Twelve month results to end of December showed new sign-ups, cost out and restructure of business was paying dividends by the second half of the year.
Telco says its open to funding partners for development which could extend to 40MW capacity in time.
Revenue for the half was up 44% to $2.1 billion, offset by a 69% increase in operating expenses to $1.7b.
Telco's revenue and earnings were up on strong mobile market numbers.
Independent directors previously ‘outvoted’ on debt-funded dividend payouts.
Chief executive Jeff Greenslade expects OCR to stay on hold, with more ‘clarity’ about rate cuts later this year.