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(Alliance News) - Helios Towers PLC on Thursday said loss for the half-year benefitted from fair-value gains while revenue rose on tenancy growth and contributions from acquisitions.
Shares in Helios were up 8.8% at 91.41 pence each in London on Thursday morning.
The independent telecommunications infrastructure company said in the six months to June 30, pretax loss narrowed to USD39.4 million from USD122.2 million a year prior.
Helios attributed this to a 74% increase in operating profit to USD69.3 million, as well as a gain on the fair value of derivative instruments of USD900,000, as opposed to a loss in 2022, which was "partially offset by an increase in cost of sales, administrative expenditure and finance costs."
Revenue grew by 32% to USD350.2 million from USD265.4 million the year before, driven by tenancy growth as well as a contribution of USD38.7 million from acquisitions in Malawi and Oman which were completed in 2022.
Adjusted earnings before interest, tax, depreciation and amortisation rose were up 74% to USD69.3 million from USD39.8 million.
Looking ahead, Helios tightened its full-year guidance upwards, and now expects an adjusted Ebitda of around USD355 million and USD365 million from USD282.8 million in 2022.
Chief Executive Officer Tom Greenwood said: "I am delighted with the company's performance in the first half of the year, which included delivering record organic tenancies and continuing improvements in customer delivery. The team also continues to make solid progress on our 2023 goals of acquisition integration, tenancy ratio expansion, accelerating adjusted Ebitda growth and reducing net leverage."
By Sabrina Penty, Alliance News reporter
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