On 19th February 2020, Vocus announced its 1HFY20 results which were largely in line with expectations. In 2019, Vocus had initiated a 3-year transformation process and an organisational restructure was part of this process. The company was organised into three groups:

• Vocus Networks (enterprise, wholesale and government)

• Vocus Retail (consumer and SMB)

• Vocus New Zealand.

In this report, we analyse the reported earnings and highlight some of the key trends across its businesses.

Contents

Key Takeaways

Vocus 1H20 earnings update

• Vocus Network Services (Enterprise, Wholesale and Government)
• Retail
• New Zealand
• FY19 Guidance and Strategy
• Our Take

List of charts/tables

Figure 1. 1HFY20 Vocus key financials (A$m)

Figure 2. Vocus Group divisional performance

Figure 3. Vocus Networks key financials (A$m)

Figure 4. Australian retail financials and SIOs (A$m and ‘000 where applicable)

Figure 5. Consumer segment showing signs of stabilisation

Figure 6. New Zealand financials and SIOs (NZ$m and ‘000 where applicable)