TPG Telecom Ltd (ASX: TPG) shares are moving around this morning following the company's release of its full-year results for the period ended 31 December 2020. At the time of writing, the TPG share price is down 0.85%, trading at $6.96. TPG shares opened slightly lower this morning before leaping to $7.15 only to retreat again.
Here's a wrap of the company's annual update.
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TPG releases first post-merger results
The TPG share price is up and down today after the company's directors noted that comparing the latest results with prior periods is complex due to its merger in 2020.
On 30 June 2020, TPG announced that the company (previously named Vodafone Hutchison Australia) was officially admitted to the Australian Securities Exchange.
Following this, TPG Telecom Ltd merged with TPG Corporation Ltd on 13 July 2020.
Keeping these merger activities in mind, the company reported that its annual revenue for FY20 jumped 24% to $4.35 billion.
Earnings before interest, tax, depreciation and amortisation (EBITDA) also shot up 18%, reaching $1.39 billion.
Earnings per share (EPS) hiked up to 64 cents, compared with negative 68 cents in FY19.
Operating cash flow for FY20 was $1.2 billion compared to $1.3 billion in FY19.
In other news impacting the TPG share price, the board resolved to pay a final 2020 dividend of 7.5 cents per share.
CEO comments
Reflecting on annual performance, TPG chief executive officer and managing director Iñaki Berroeta said:
In 2020, we completed the merger and delivered on our promises to customers and shareholders in the most trying year for Australia's economy and society in decades, while managing a number of significant regulatory challenges…"
As we move into 2021, we are building on momentum gained in the final quarter of 2020, continuing our merger integration plans, our 5G mobile network is on track to reach scale in the top six cities by the end of the year, and we will begin offering 5G fixed wireless services in the first half.
TPG share price snapshot
The TPG share price has tumbled by nearly 15% over the past six months. Year to date, TPG shares are also slightly down. Based on the current share price, the company has a market capitalisation of around $13.1 billion with 1.9 billion shares outstanding.
