Internet service provider iiNet has reported a 34.8 per cent hike in full year profit to $34.5 million.

The result was achieved on revenue of $473.8 million, up 13.3 per cent on the previous year.

The company attributed to the improved result to an increase in revenue from organic growth and the acquisition of the Netspace business, improved cost management, synergies from the acquisition of Westnet and a one-off tax windfall of $5.2 million.

iiNet declared a final dividend of six cents a share fully franked, lifting its full year dividend to nine cents.

Chief executive Michael Malone said recent acquisitions had brought iiNet very close to achieving 15 per cent market share in the DSL internet market.

iiNet agreed to buy AAPT's consumer division from Telecom Corporation of New Zealand for $60 million last month.

That followed iiNet's $40 million takeover of Netspace in March and $81 million purchase of Westnet in May 2008.

iiNet said total broadband customers increased by 28 per cent to 539,000 following the takeover of Netspace.