LONDON (Alliance News) - Manx Telecom PLC said Thursday it has traded in line with expectations in the half year to end-June, and confirmed plans to pay a maiden interim dividend with its results and target a 7% full-year dividend yield based on its initial public offering price.
The Isle of Man-based telecommunications company said its core domestic business had performed strongly during the period, and remains on track to increase the availability of super fast broadband to 87% of homes and business by the end of 2014. The roll out of its 4G network on the island is on schedule, Manx said, with an official launch date of July 29.
Manx said its off-island business continued to grow strongly, with its sales efforts in the UK mainland starting to show positive results. Its mobile roaming product Chameleon is seeing good traction, it said.
Phase one of its new GBP10 million Greenhill Data Centre was completed in March, Manx said, and the first customer is now live in the centre. It will continue negotiations with a number of interested parties, it said.
Manx plans to pay a maiden interim dividend, but didn't specify the amount. It said it expects its full-year dividend for 2014 to be calculated at a 7% yield on its IPO price of 142 pence per share, suggesting a full-year dividend of 9.94 pence per share, or a 5.7% dividend yield on its current share price.
Shares in Manx Telecom were trading up 1.2% at 175.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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