CEO Andy Penn talks Telstra half year 2018 financial results
Today we released our key financial results, updating shareholders and customers on how we have delivered against our strategy and the progress we are making on our strategic investment program.
I’m pleased to say that our results for the first half of FY18 are in line with guidance. It was a strong performance especially in terms of mobile net customers adds, churn and nbn.
We’ve done this despite being in a significant period of change. Whether it’s the migration to the nbn, the competitive challenges, the ever-accelerating pace of technological change and as we prepare for the transition to 5G.F
Against this background we need to increase our level of intensity. We need to do more, and we need to do it faster, so I’m committed to driving a greater sense of urgency in everything we do. For example, we’re stepping up how we aggressively compete in the mobile market by leveraging our multi-brand strategy including Telstra Belong, Boost and Wholesale.
We have made good progress on our productivity programme with a cost reduction of 7.2% in fixed core costs in the half and we are confident we can continue to deliver on our commitments.
We also continue to accelerate the strategic program of investment which I fundamentally believe is critical both to simplify and streamline 100 years of heritage and to lay the foundation for the future.
At the same time we are scrutinising every aspect of our capital spending to ensure our investments drive the greatest results. And we are driving future growth with new opportunities emerging from the core of the business.
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The Author
Andy Penn became the CEO and Managing Director of Telstra, Australia’s largest telecommunications company, on 1 May 2015. At Telstra Andy is leading an ambitious change program transforming Telstra to be positioned to compete in the radically changing technology world of the future with 5G at its core. Andy has had an extensive career spanning 40 years across 3 different industries - telecommunications, financial services and shipping. He joined Telstra in 2012 as Chief Financial Officer. In 2014 he took on the additional responsibilities as Group Executive International. Prior to Telstra, Andy spent 23 years with AXA Asia Pacific Holdings, part of the AXA Group, one of the world’s largest insurance and investment groups. His time at AXA included the roles of Chief Executive Officer 2006-2011, Chief Financial Officer 2000-2002, Chief Executive Asia and Chief Executive Australia and New Zealand. At AXA, Andy was instrumental in building one of the most successful Asian businesses by an Australian company that was sold to its parent in 2011 for more than A$10bn. Outside of work Andy has a deep passion for the visual arts. He is Patron, on behalf of Telstra, of the National and Torres Straights Islanders Arts Awards (NATSIAA) and he paints in his spare time. Andy is also active in supporting community and social causes. He is Life Governor of Very Special Kids and an Ambassador for the Amy Gillet Foundation. He serves on the advisory boards of both The Big Issue Home for Homes and JDRF. In 2018 he was voted by the Financial Times number 8 in the top 50 male leaders globally in their HEREOS champions of women in leadership report.