Friday, March 1, 2024

Three Ireland’s 2022 earnings dip but customer base up

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Three Ireland said its customer base reached 3.8 million last year, an increase of 22%, and bringing its overall market share to 42.8%.

Three said all of its customer segments increased from both December 2021 and June 2022, with contract customers increasing by 13% and Prepay customers by 1% in the year.

It noted that customer increases of 700,000 were largely driven by growth across Internet of Things (IoT) including the deployment of the ESB Smart Meter roll-out project nationwide.

Three Ireland said its earnings before interest, tax, depreciation, and amortisation (EBITDA) for 2022 fell by 7% to €175m.

It said this reflected inflationary impacts on operational expenditure and a more than 46% increase in energy costs.

During the year, Three Ireland continued to invest with an overall capital expenditure of €101m – in line with previous years. Three Ireland said it now has 85% 5G population coverage.

Robert Finnegan, CEO Three Ireland & Three UK, said the strength of the company’s network, successful ongoing rollout of 5G and the quality of its Limerick based customer service continues to attract new customers.

“Our 2022 financial performance was satisfactory in light of inflationary impacts on operational expenditure and energy price increases and we were pleased to see good growth in total revenue and margin by €41m (7%) and €15m (3%) respectively,” Mr Finnegan said.

“As part of our sustainability strategy, we continued to invest in energy saving initiatives across the network infrastructure in 2022 which helped mitigate against energy inflation,” he added.

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