Manx Telecom 2017 interim results
- Revenues of £38.5m (H1 2016: £39.2m)
• Fixed Line, Broadband and Data revenues down 2.9%, with a decline in fixed line call revenue, partially offset by increased broadband revenue
• Mobile revenues up 3.6% due to increased inbound roaming revenue and an increase in post pay contracts revenue
• Continued strong growth in Global Solutions revenues, up 13.0%
• Data Centre revenues down 32.3%, due to previously reported customer consolidation. Adjusting for this, Data Centre revenue returned to growth in the period
• Group revenue excluding Data Centre and Other revenue up 2.4% year on year
- Underlying EBITDA £12.6m (H1 2016: £13.8m) primarily due to a shift in directory distribution date to H2 and Data Centre customer consolidation
- Underlying Profit Before Tax of £6.7m (H1 2016: £8.3m). Reported Profit Before Tax of £5.2m (H1 2016: £6.3m) reflecting planned costs of transformation programme
- Strong cash flow generation with Underlying operating cash flow of £10.2m (H1 2016: £10.1m) equating to increased cash conversion from Underlying EBITDA of 81.3% (H1 2016: 73.2%)
- Net debt increased to £61.7m (H1 2016; £53.1m), due primarily to costs associated with transformation programme. Net debt expected to improve in H2
- Interim dividend of 3.9p (H1 2016: 3.7p), in line with progressive dividend policy
