12 Feb 2015 07:00
12 February 2015
Manx Telecom Plc
Pre-Close Trading Update
Manx Telecom Plc (AIM:MANX; the "Company"), the leading communication solutions provider on the Isle of Man, is pleased to announce its pre-close trading update ahead of its preliminary results for the year ended 31 December 2014, due to be announced on 14 April 2015. The Board confirms that trading remains in line with its expectations.
The Company's domestic business has performed well during the period and we continue to invest in our infrastructure and support the future evolution of our product offering. Importantly the Company has separately announced today renewal of the existing "ConnectMann" telecommunications services agreement with the Isle of Man Government with effect from 1 January 2015.
High speed VDSL broadband is now available to 87 per cent of homes on the Island and on 1 February 2015 the Company launched a "VDSL Plus" superfast fixed line broadband service that offers speeds of up to 80 Megabits per second (download) and 10 Megabits per second (upload) to around 50% of homes and businesses on the Island.In January 2015, the Company successfully launched 4G services for its Pay As You Go mobile customers. This followed the launch of the Isle of Man's only 4G network in July 2014 for Pay Monthly customers. The new service provides coverage to 99% of the population and has seen strong demand, with 90% of those Pay Monthly customers renewing or taking out a new contract, choosing a 4G tariff.Global Solutions continues to perform well, with revenue growth being driven by machine to machine services, the strongest signal mobile product and mobile virtual network enabler services. There is also a strong pipeline of new hosting business at the Company's Greenhill data centre where negotiations are at an advanced stage with a number of interested parties.
The Company also announces today that after 31 years of service and with Manx Telecom well positioned for the future, Mike Dee, Chief Executive Officer, has informed the Board of his intention to retire from a full time executive career during the second half of 2015. Recruitment for his successor has commenced and shareholders will be updated in due course.
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About Manx Telecom
§ Manx Telecom is the leading communication solutions provider on the Isle of Man, offering a wide range of fixed line, broadband, mobile, and data centre services to businesses, consumers and the public sector on the Isle of Man as well as a growing portfolio of innovative hosting and "Smart SIM" solutions to off-Island customers.
§ Manx Telecom has a record of innovation, being the first European operator to launch a 3G mobile service and the first in the world to launch a 3.5G mobile service. 4G service launched in the summer of 2014, and it is now available to contract and pre-pay customers with 99% population coverage. The Company's high speed VDSL broadband service (Ultima) is available to 87 per cent of homes on the Island. A VDSL Plus service launched in February 2015.
§ The Company has three data centres (two of which are Tier 3) plus international connectivity and its operations are business-critical to the economic strategy of the Isle of Man.
§ One of the largest employers on the Island, Manx Telecom employs nearly 300 people. The company plays a major role in the wider community through a range of activities, including charitable donations, sponsorships, and corporate social responsibility initiatives.
§ The company is proud to sponsor the Manx Telecom Parish Walk, Tough Mann Adventure Challenge, Manx Telecom End2End Mountain Bike Challenge, Team Manx Telecom (Manx Road Club) and Royal Manx Agricultural Show as well as other smaller events. Manx Telecom also donates annually to local causes through the company's "It's our Community" programme.
§ The Isle of Man has a resilient and growing economy which has experienced 29 years of unbroken GDP growth. Unemployment is low at 2.0 per cent, and there is a zero per cent corporate tax rate which applies to the vast majority of Manx Telecom's business and means that the Group currently pays no corporation tax on its annual profits.
§ Manx Telecom is listed on the Alternative Investment Market of the London Stock Exchange with the ticker MANX.