M2 beats expectations

The telco should see broker upgrades after beating estimates and posting a strong outlook for 2013-14.

M2 Telecommunications Group (MTU) is likely to see a raft of broker earnings upgrades on the back of its solid full-year result and outlook that sent its share jumping to a record high this morning.

The second-tier telecommunications services provider delivered an 83% surge in underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to $119.1 million as revenue jumped 73% to $681 million for the year ended June 30, 2013.

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