(Alliance News) - Telecommunications infrastructure company Helios Towers PLC on Thursday said revenue was up in the third quarter of 2020 following solid tenancy growth.
Revenue for the third quarter ended September 30 was up 6.5% year-on-year to USD103.6 million from USD97.3 million. The increase was largely driven by growth in total tenancies, Helios said.
Tenancies at September 30 were up 6.0% to 15,082 from 14,226 a year prior.
Helios said: "Our tenancy pipeline remains robust, and whilst there were some short term Covid-19 delays to customer rollout earlier in the year, we still expect incremental tenancies for 2020 to be approximately 1,000, within the previously communicated range of 1,000 tp 1,500."
Adjusted earnings before interest, tax, depreciation and amortisation was up 9.3% to USD57.4 million from USD52.5 million a year before.
Revenue for the nine months to September 30 increased 6.9% to USD307.9 million from USD288.0 million a year prior. Adjusted Ebitda was up year-on-year to USD166.5 million from USD151.5 million.
Helios expects to remain in line with medium-term guidance, reflecting the continued strong demand for mobile and data communication infrastructure within its markets and the "healthy" pipeline of existing orders across all regions, Helios said.
Chief Executive Kash Pandya said: "We are delighted to report another quarter of continued Ebitda growth, demonstrating the resilience of our business and our sustained focus on profitable expansion. In the context of the Covid-19 pandemic, our teams on the ground have adapted to conditions in each of our local markets, enhancing safety measures while continuing to operate at peak levels of operational efficiency through continued focus on our business excellence strategy."
Helios Towers shares were down 1.7% at 161.20 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Helios Towers (HTWS)