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(Alliance News) - Helios Towers PLC late Wednesday posted a rise in annual revenue against the backdrop of the global Covid-19 pandemic, as the telecom tower infrastructure company celebrated its first full year as listed company.
For 2020, revenue was USD414.0 million, up 7.0% at USD387.8 million in 2019, driven by the continued growth in the number of sites and tenancies across the group. The number of tenants rose 7.0% to 15,656, with the number of sites rising 5.0% to 7,356.
The company posted a 2020 pretax loss of USD20.9 million, narrowed from USD74.8 million in 2019. Administrative expenses narrowed to USD83.5 million from USD119.4 million.
On dividends, the company said: "Given the scale of the opportunities in our current pipeline, and our ambitions to invest in our existing businesses and expand into new markets, the directors recommended that no dividends be paid for the year ended December, 31 2020. However, given our expectations for the future growth of the business and improving free cash flow, there may be scope to pay a dividend in the medium term."
Looking ahead, the company said 2021 is shaping up be "another exciting year of growth" as it looks to close its Senegal acquisition and expanding operations in the country, as well as continuing to progress inorganic growth strategy in new and existing markets. It is targeting USD110 million to USD140 million of capital expenditure for its existing markets in 2021.
"We are delighted with the team's achievements in our first full year as a publicly listed company and against the backdrop of the global Covid-19 pandemic. We delivered results in-line with guidance set out at the beginning of the year, achieved record customer service levels, announced entry into our sixth market and increased available funding while significantly reducing our cost of debt. We also launched our sustainable business strategy, which reflects our ambition to contribute to the social and economic development across Africa through mobile connectivity, while minimising environmental impact," said Chief Executive Officer Kash Pandya.
Back in August, Helios Towers signed an agreement with Free Senegal, the second largest mobile operator in Senegal, to acquire its 1,220 tower portfolio, as well as 400 build-to-suit sites, committed over the next 5 years. The acquisition is anticipated to close in the first half of 2021 and is targeting 1,000 to 1,500 organic tenancies per annum in the medium term.
In a separate release, Helios Towers said it has launched a senior guaranteed unsecured convertible bond offering of approximately USD250 million due in 2027.
The stock closed up 0.2% at 168.00 pence on Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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