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Phillip Britt, the co-founder and group managing director of telco Aussie Broadband (ASX: ABB), has announced today that he will be retiring after 16 years at the helm, with current CEO Brian Maher to take over as the sole top boss in six weeks.
The initial agreement will see Britt involved as an advisor for two years, with an option to extend it by another year. His take home pay for the role with be $300,000 per annum, adjusted each year for CPI changes, based on an average commitment of five days per month.
Following his retirement as group MD, Britt will become a non-executive director and special technical advisor – a newly created position that will offer the telco his knowledge, experience and technical insight when expanding Aussie Broadband’s fibre optic network.
Aussie Broadband chair Adrian Fitzpatrick commended Britt for his exceptional leadership and vision for the past 20-plus years.
“From the formation of Wideband Networks in 2003 with Chief Technology Officer John Reisinger; the merger in 2008 with Westvic Broadband to form Aussie Broadband; the public listing of the company on the ASX in 2020; and the acquisitions of Over the Wire and Symbio in 2022 and 2024, Phil has been responsible for the rapid growth of Aussie Broadband from a regional ISP to a national telco with a diversified product and customer base,” Fitzpatrick added.
“Since the IPO, Phil has also been focused on growing his executive team with exceptional team members who have the same drive and determination that he does.
“This was demonstrated last year with the formation of the Aussie Broadband Group and its new leadership structure. The group is very well positioned with Brian as Group CEO to continue the strong delivery against our strategic goals, supported by the executive leadership teams at both Aussie and Symbio.”
During his tenure, Britt oversaw the $262 million acquisition of software group Symbio, boosting the group’s white-label and wholesale capabilities, which accounted for roughly 13 per cent of the company’s annual revenue. The services are designed for major companies, like Origin Energy, which offer telco services under their own brands and can also provide phone hosting services.
In FY24, the group posted a 27 per cent increase in revenue, generating $999.7 million year-on-year, while EBDITA also rose by 34.5 per cent to hit $120.5 million. The acquisition of Symbio Holdings (ASX: SYM) alone contributed to an additional $12 million in the EBITDA result.
The company reported an operating cashflow before interest and tax of $128.2 million, reflecting a 54 per cent jump. NPAT grew by 21.7 per cent, hitting $26.4 million.
In Q1 FY25, Aussie Broadband revealed that broadband connection growth was up 21 per cent compared the previous quarter, with an additional 22,119 services recorded. The company’s nbn market share - excluding Satellite and Origin - increased to 7.60 per cent in September 2024 compared to 7.38 per cent in June 2024.
The group had also secured a five-year network deal The Reject Shop (ASX: TRS) to incorporate a Managed Fortinet SD-Branch solution, LAN/WAN connectivity and a hosted voice telephone system.
"We are happy to report that Aussie Broadband has started the year positively with growth across all segments, furthering the company's track record of excellent operational and financial performance,” Britt told shareholders in three months ago.
While undertaking his roles as non-executive director and special technical advisor, Britt will also be working on launching a new community focused venture in the Gippsland region known as Rural Fibre Co.
“I have always been committed to transforming the digital landscape for communities in the Gippsland region. With my new venture I will be investing in the latest fibre technology for the underserved areas of Gippsland, ensuring the region is not left behind in Australia’s digital future,” Britt said.
“I have worked with Brian for the past five and a half years, and I am confident Aussie Broadband will continue to go from strength to strength, and I look forward to supporting Brian and the wider leadership team in my new advisory role.”
Maher, who joined Aussie Broadband in 2019 as chief financial officer and company secretary, will take the reins of the Gippsland-based company, which has a market capitalisation of $1 billion. Maher was appointed as CEO in February 2024 and will rise to the new title of Group CEO following Britt’s exit on 28 February.
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