Manx Telecom Plans Maiden Interim Dividend, Profit Hit By Write-Downs

Tue, 15th Apr 2014 08:55

LONDON (Alliance News) - Manx Telecom PLC Tuesday said it will declare its maiden interim dividend with its half-year results, although pretax profit for 2013 was hit by write-downs of its 2G and 3G mobile assets in its first results since floating on AIM in February.

It intends to pay a total dividend with a 7% yield calculated against its initial public offering price of 142 pence per share.

The Isle of Man focused telecoms company posted a pretax profit of GBP364,000, down from GBP3.2 million in the previous year, as revenue rose to GBP76.0 million from GBP72.4 million, although this was offset by a GBP2.7 million write down of its 2G/3G mobile network assets.

The company wrote down these assets after it started a project to roll out a 4G mobile network across the Isle of Man.

Revenue was driven by good growth in its Off-Island and Data Centre business. In its mobile division revenues were broadly flat at GBP19.2 million, as growth in mobile phone contract revenues, sales of higher value handsets and increased inbound roaming revenues offset the slow down in pay-as-you-go revenues.

Manx Telecom's 4G network launch is planned for the second half of the year, and the company is progressing with establishing its third data centre.

The company said its trading in the first quarter of 2014 had been in line with expectations.

Shares in Manx were trading down 0.2% at 163.65 pence Tuesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright � 2014 Alliance News Limited. All Rights Reserved.

Related Shares

More News

Manx Telecom Shares Suspended From Trading Ahead Of Announcement (ALLISS)

LONDON (Alliance News) - Shares in Manx Telecom PLC were suspended from trading on Wednesday ahead of an announcement by the firm.No other details were provided as to the nature of the the

8 May 19 11:14

Manx Telecom Shareholders Vote In Approval Of Basalt Takeover

LONDON (Alliance News) - Manx Telecom PLC said on Friday shareholders voted in favour of the broadband provider's acquisition by infrastructure investment firm Basalt Infrastructure the court

26 Apr 19 17:55

Manx Telecom To Buy IT Services Firm Synapse For Undisclosed Sum

LONDON (Alliance News) - Telecommunications firm Manx Telecom PLC said Tuesday it had agreed to buy business IT services firms Synapse Consulting Ltd and Synapse Consultants Ltd for an undisclosed

16 Apr 19 09:59

Manx Telecom acquires Synapse 360

(Sharecast News) - Isle of Man-based communications provider Manx Telecom has entered into a conditional sale and purchase agreement for Synapse 360.

16 Apr 19 08:10

Login to your account

Don't have an account? Click here to register.