12 Jul 2018 07:00
12 July 2018
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 provide this pre-close trading update prior to the release of its interim results for the first six months of 2018, due to be announced on 12 September 2018.
The Board confirms that trading during the first half of 2018 has been in line with management expectations and has continued to generate positive free cashflow, supporting the increased dividend announced with our 2017 results.
The Company's core domestic business of Fixed Line, Broadband, Data and Mobile performed well, delivering another solid revenue performance. Our high-speed broadband services are available to 93% of customer premises on the island, with penetration of this premium service in our customer base having now reached 56%. The rollout of our ultrafast FTTP broadband service ('Fibre to the Premise') has progressed well with over 2,500 premises now passed increasing to 4,600 due to be passed by the year end. The Mobile business performed as expected with good take up of our UK and EU roaming package, Smartroam, introduced last year.
Our Global Solutions business continues to experience further growth, whilst Data Centre revenue remained broadly flat. Both of these areas show opportunity for growth through the remainder of the year.
The Company's Transformation Programme remains on track with the associated benefits starting to accrue and further investment made into our systems and processes. As previously stated these exceptional costs will continue into the second half of the year as the programme comes to completion.
Vannin Ventures, our business incubator, continues to provide exciting opportunities with significant medium-term growth expected from its investment in Goshawk Communications and the development of its telecom solution for those with hearing difficulties. This is progressing well, with good results seen from our current pilot, ahead of an Isle of Man launch in the second half of the year and subsequent launch in the UK in 2019.
For further enquiries, please contact:
Manx Telecom plc |
+44 (0)1624 636 400 |
Gary Lamb, CEO Paul Tierney, CFO
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Liberum Capital (Nominated Adviser and Corporate Broker) | +44 (0)20 3100 2000 |
Steve Pearce Joshua Hughes
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Oakley Advisory (Financial Advisor) | +44 (0) 20 7766 6900 |
Christian Maher Victoria Boxall
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Powerscourt Group (Public Relations) | +44 (0) 20 7250 1446 |
Elly Williamson Celine MacDougall
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About Manx Telecom
Manx Telecom is the leading communication solutions provider on the Isle of Man, providing a wide range of Fixed Line, Broadband, Mobile and Data Centre services to retail, business and public sector customers on the island, as well as a growing portfolio of innovative hosting and "Smart SIM" solutions to global customers.
The Company focuses on providing outstanding customer experience, high-quality and high-availability networks achieving 99% 4G and 93% superfast fibre broadband population coverage, and consistent first-to-local-market roll-out of new products for homes and businesses.
Manx Telecom is the only operator of a Fixed Line network and is currently investing in state of the art 1 Gbps Fibre-to-the-Premise (FTTP) broadband for both its consumer and business customer base. The Company has three data centres, two of which are Tier 3 designed, plus international connectivity, and its operations are business-critical to the economic strategy of the Isle of Man.
One of the Isle of Man's largest employers with around 300 staff, Manx Telecom plays a major role in the wider community through a range of activities including: charitable donations, sponsorships and corporate social responsibility initiatives.
Manx Telecom is strengthening its core market position whilst exploring new market opportunities on and off-island, leveraging its telecommunications expertise and mobile technology platform. In 2016, the Company launched its business incubator Vannin Ventures, focused on identifying and investing in new products, services and business opportunities as part of the Group's long-term growth strategy.
Manx Telecom is listed on the Alternative Investment Market of the London Stock Exchange (AIM: MANX). www.manxtelecom.com
Market Abuse Regulation
This announcement is released by Manx Telecom plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Manx Telecom plc was Gary Lamb, CEO.