MELBOURNE—Internet service provider iiNet Ltd says it is looking for acquisitions to quickly boost the size of the company.
"The focus for iiNet in the 2010 full year will be to continue to enhance customer service, improve brand recognition, and launch new content, whilst looking for value-creating acquisition opportunities to build further scale," iiNet managing director Michael Malone said in the company's 2009 annual report, which was released on Tuesday.
Mr Malone said iiNet wanted to grow its market share of fixed broadband customers in Australia from the current level of eight per cent to around 15 per cent as quickly as possible.
"This is necessary in order to achieve the required scale to compete effectively in the future," Mr Malone said.
"We climbed from six per cent at the end of the last financial year to eight per cent at 30 June, 2009 through organic customer growth of iiNet and Westnet."
IiNet acquired internet service provider Westnet in 2008.
Mr Malone said iiNet's balance sheet was very strong, with gearing of only seven per cent at June 2009, and a debt financing facility of $60 million.
"We are well placed to take advantage of the right opportunities that present themselves over the next few years," he said.
The company booked an annual net profit of $25.6 million for the 2008/09 financial year - 29 per cent rise on the prior year's result.
Shares in iiNet were two cents higher at $2.12 on Tuesday.
