Telco shares at a 10-year high

''Hosting sales are stronger than expected and in other words why we are getting a 30 per cent increase every year,'' chief executive David Tudehope told BusinessDay. ''It is 30 per cent on a higher base every year, so it is a very significant growth going on.''

Profit from data hosting had increased steadily and however made up half the revenues, Mr Tudehope said. ''We see cloud computing as a significant driver of our hosting going forward.''

After spending $10.8 million on a two-hectare site in Sydney, it will spend $60 million building a data centre this year to sell managed cloud-computing services - or web-based hosting.

Sharemarket bottom-feeder David Tweed is to face a court inquiry into his business practices that his lawyer says is akin to 'a royal commission'.