Christchurch fibre broadband network provider, Enable, has announced plans to deliver its first dividend to its city owners in June 2021. The business is targeting a $13.5 million dividend – which will be its first since beginning its ultra-fast broadband network roll-out in 2011.
“Returning a dividend represents another important milestone for the business being reached early – we’d previously indicated we would generate our first dividend in 2022,” said Enable CEO, Steve Fuller.
The business had previously completed its network roll-out 18 months early, reached 100,000 fibre broadband customers two years ahead of plan and moved to a net profit position two years early.
“We have worked tirelessly over the last decade to build a community-owned business worth more than $600m. Returning our first dividend early is the culmination of all this hard-work and we are pleased to be able to support Christchurch as we manage our way through this global pandemic,” said Mr Fuller.
Enable being in this strong financial position also represents the ongoing support the business gets from the community every time someone connects to an Enable fibre broadband service.
“As more local families and businesses enjoy all the benefits of Enable fibre broadband – now over 121,000 – the dividends back to the city will grow. The annual dividend is expected to more than double in the coming years,” said Mr Fuller.
Today the business generates over $75 million in annual revenue and this is set to grow over the next few years.
“Every time someone connects to Enable fibre broadband, they are helping generate returns back to the city that can be spent on services and facilities that make Christchurch a great place to live,” said Mr Fuller.
“Local residents need to know this so they can make informed decisions when internet providers offer them a broadband service that is not fibre.”