Business Irish

Saturday 3 December 2016

Eir reports first year of growth in eight years

Published 02/09/2016 | 07:45

Eir boss Richard Moat
Eir boss Richard Moat

The country's largest telco Eir signalled a 4pc increase in revenue over the last year up to €1.3bn in what is the first 12-month period of annual growth for the company in eight years.

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Eir posted a 5pc increase in company earnings, up to €505m excluding storm costs. The firm also managed to keep its operating costs broadly flat with the previous year.

During the year Singapore sovereign wealth fund GIC invested €230 into the company completed a bond refinancing programme, saving it €17m in interest payments.

The firm also launched Eir Sport and brought the number of premises passed with fibre power broadband up to 1.6 million.

Eir chief executive Richard Moat said it had been a landmark year for the firm.

“The transformation of our organisation in the past twelve months is clearly evident. We introduced our new invigorated brand ‘eir’ in September last year, and the recent launch of eir sport positions us as a new name in Irish broadcasting.

“We have a great platform for our new financial year and we are looking forward to the future with confidence," he said.

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