very clean result

As a long time stock holder and customer, a very pleasing set of numbers overall......and nothing short of impressive income statement and balance sheet

Note the 'one offs' in the result which go either side....eg. tax refund - law suit -accelerated deprciation....the result was actually better than the bottom line......which is still impressive with NPAT growing faster than the top line.....indicating the major scale and fixed cost leverage of even moderate growth

While organic growth is almost non-existant.....and TPG is gobbling up TLS customer like nuts....

The clear choice here is between a business who can get customers and a business who can retain them....................note that TPG now challenges TLS for customer complaints, with only a fraction of customer base.

IIN business strategy of low churn and brand building will be perfect for an NBN world, when technology will be the same........then it will be about branding and customer care...

GO YOU SWEET THANG!