(Alliance News) - African mobile phone mast operator Helios Towers PLC said full-year performance was in line with expectations, as it unveiled its first annual report since its October float.
Back in October, the company set its IPO price at 115 pence per share, giving it an equity value of GBP1.15 billion. Shares were 6.1% lower at 92.25p each in London on Thursday morning.
In 2019, revenue rose 9.0% to USD388 million from USD356 million, with fourth-quarter revenue alone rising 3.1% to USD100 million.
Helios remained in a pretax loss, however, though it narrowed to USD74.8 million from USD119.5 million in 2018.
On dividends, the company said: "Given our ambitions to invest in our current businesses and expand into new markets, the directors recommended that no dividends be paid for 2019. However given the growth in portfolio free cash flow and our expectations for the future, there may be scope to pay a dividend in the medium term, depending also on investment opportunities at that time."
The number of tenants rose 7.7% to 14,591, with the number of sites rising 3.4% to 6.974.
Helios said: "The rapid growth in mobile is also being propelled by the African economy - one of the fastest-growing in the world. A rising middle class and increasing consumer expectations are igniting demand.
"The continent has significant room for structural growth which will take many years to fulfil. Helios Towers is instrumental in helping mobile network operators to both densify and expand, without the distraction and capital expenditure needed to improve and operate tower networks."
By Eric Cunha; ericcunha@alliancenews.com
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Helios Towers (HTWS)