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(Alliance News) - Newly-listed Helios Towers Ltd on Thursday reported a significantly narrowed quarterly loss, with revenue growth strong.
African mobile phone mast operator Helios joined the London Stock Exchange in October, in one of the biggest London initial public offerings in 2019.
Helios shares were 0.1% higher on Thursday morning in London at 120.10 pence each. This is 4.4% higher than its IPO price of 115p.
Revenue for the three months to September rose 11% to USD97.3 million, with the pretax loss narrowing to USD3.8 million from USD35.8 million.
The narrowed loss was due to revenue growth as well as a fair value gain, from a loss, on the movement of the derivative valuation of a bond.
Helios's adjusted earnings before interest, tax, depreciation, and amortisation were 16% higher at USD52.5 million, representing a 19th consecutive quarter of adjusted Ebitda growth.
Nine-month revenue was up 8% to USD288.0 million, and adjusted Ebitda up 16% to USD151.5 million.
Quarterly tenant numbers rose 9% to 14,226 tenants, with sites up 5% to 6,903 total sites.
Chief Executive Kash Pandya said: "Helios Towers delivered another strong set of results for the third quarter and continued our trend of 19 consecutive quarters of adjusted Ebitda growth.
"We continue to focus on driving top-line growth and adjusted Ebitda performance, leveraging the exciting growth in our sub-Saharan markets, our long term client contracts and a sharp focus on operational excellence. The business is performing in-line with our expectations which gives us confidence in the outlook for the full year."
By George Collard; georgecollard@alliancenews.com
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