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Sydney, Oct 31, 2011 (ABN Newswire) - Independent energy retailer, Australian Power & Gas Company Limited (
ASX:APK), today announced it achieved 310,000 net customer accounts, a 13 percent increase from June.
"The successful customer acquisition program continues our growth trajectory for achieving our fiscal 2012 target of between 400,000 and 420,000 customer accounts" said James Myatt, CEO of Australian Power & Gas.
The company today also released its Appendix 4C report for the three months to 30 September 2011. The quarterly report shows record new customer sign-ups in the last three months of the financial year was reflected in cash flow as Australian Power & Gas focuses on expanding its footprint across the eastern seaboard.
Underlying cash flow was positive A$1.0 million for the quarter, adjusted for the cost of growth, deposits and allowing for prepayments placed as guarantees. "This result was particularly pleasing given that A$4 million in amounts due from state governments relating to this period was not received until after month end," said Mr Myatt.
Customer payments of A$90.0 million for the quarter were up by 80% on the corresponding period in 2010, and also by a similar amount on customer payments received in the 3 months to June 2011.
For the complete Australian Power & Gas announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-APK-655108.pdf
ASX:APK), today announced it achieved 310,000 net customer accounts, a 13 percent increase from June."The successful customer acquisition program continues our growth trajectory for achieving our fiscal 2012 target of between 400,000 and 420,000 customer accounts" said James Myatt, CEO of Australian Power & Gas.
The company today also released its Appendix 4C report for the three months to 30 September 2011. The quarterly report shows record new customer sign-ups in the last three months of the financial year was reflected in cash flow as Australian Power & Gas focuses on expanding its footprint across the eastern seaboard.
Underlying cash flow was positive A$1.0 million for the quarter, adjusted for the cost of growth, deposits and allowing for prepayments placed as guarantees. "This result was particularly pleasing given that A$4 million in amounts due from state governments relating to this period was not received until after month end," said Mr Myatt.
Customer payments of A$90.0 million for the quarter were up by 80% on the corresponding period in 2010, and also by a similar amount on customer payments received in the 3 months to June 2011.
For the complete Australian Power & Gas announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-APK-655108.pdf
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About Australian Power And Gas Company Limited
Australian Power & Gas Company Ltd (ASX:APK) holds a full suite of gas and electricity retail licences in Victoria, New South Wales, ACT, South Australia and Queensland and has been approved to operate by AEMO, the Australian Energy Market Operator. Australian Power & Gas was announced as the fastest starting company in the Business Review Weekly Annual Fast Starters List in 2010 and 2011, and was placed number 1 on the Business Review Weekly Fast100 list for 2010.
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