Australia-based Telstra introduced a strategic plan aimed at speeding growth, continuing cost reductions and extending 5G coverage to 95 per cent of the population by mid-2025.
During a company investor event, CEO Andrew Penn (pictured) outlined a new growth initiative dubbed T25, targeting mid-single digit underlying EBITDA to end-June 2025 and increasing underlying return on invested capital to around 8 per cent by 30 June 2023 from 6.4 per cent in fiscal 2021 (which ran to end-June).
A four-year restructuring plan [1] ending in June 2022 “was a strategy of necessity”, while “T25 is a strategy for growth”, Penn stated.
The turnaround initiative “fundamentally transformed Telstra, and today we are a vastly different company. This means we are poised for growth as our society and economy increasingly digitises,” he explained.
Telstra also aims to cut an additional AUD500 million ($366.2 million) in net fixed costs from from mid-2023 to mid-2025, after previously earmarking AUD2.7 billion in cuts.
Coverage ambitions include adding 100,000 sq km to its 4G and 5G network footprints, increasing regional availability. It expects 80 per cent of all mobile traffic to be on 5G by June 2025.
Tesltra’s 5G network reached 200 cities and towns across the country for more than 75 per cent population coverage [2] at end-June 2021.
[1] https://www.mobileworldlive.com/asia/asia-news/telstra-to-cut-8000-jobs-in-major-restructuring
[2] https://www.mobileworldlive.com/asia/asia-news/telstra-forecas
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