(Sharecast News) - Telecommunications infrastructure company Helios Towers backed its guidance for the year and posted a jump in first-half earnings on Thursday as it hailed strong organic tenancy growth.
In the six months to 30 June, adjusted EBITDA rose 19% to $136.1m, with revenue 25% higher at $265.4m. Helios said revenue was driven by acquisitions in Senegal, Madagascar and Malawi and strong organic tenancy growth, with tenancies up 20% at 20,549.
However, pre-tax losses widened to $122.2m in the half from $43.6m in the same period a year earlier, driven by a $83.8m year-on-year increase in non-cash expenses related to FX.
Chief executive Tom Greenwood said: "We have delivered strong organic tenancy growth in the first half of the year, which combined with the successful integration of acquired assets in Senegal, Madagascar and Malawi has resulted in impressive year-on-year financial performance.
"Despite broader global macroeconomic uncertainty, our uniquely positioned platform, highly visible base of quality earnings and unparalleled structural growth continues to drive sustainable value creation for all of our stakeholders."
The company reiterated its guidance for 2022, saying it continues to expect between 1,200 and 1,700 organic tenancy additions, of which 60% are expected to be new sites.
The lease rate per tenant is expected to increase in the range of 3% to 5% from FY 2021 and Helios forecasts an adjusted EBITDA margin of 51% to 53%, versus 53.6% a year earlier.
Helios also announced that Kash Pandya stood down from his role as non-executive deputy chairman on Wednesday to pursue other non-executive opportunities.
Helios Towers (HTWS)