Saturday 25 March 2017

Storms cost Eir €500,000 in last three months of 2015

Eir chief Richard Moat
Eir chief Richard Moat
Michael Cogley

Michael Cogley

Eir, the telecoms company, was hit with €500,000 in storm costs in the three month period stretching from October to December of last year according to its interim results filed this morning.

The firm believe that figure will rise in the third quarter of its financial year as it says most of the repair costs will be incurred in the opening three months of this year.

Elsewhere Eir reported revenue growth of 4pc in the first half of the year up to €653m while EBITDA also grew, up 5pc to €237m.

At the end of the year the company's consumer base stood at 817,000, up 35,000 when compared with the same period last year.

Operation costs at Eir remained more or less the same than in the six month period of last year.

Speaking about the results Eir chief executive officer, Richard Moat, described them as 'strong' and praised the firm's recent acquisition of Setanta Ireland.

"“We have delivered a strong set of results with a third consecutive quarter of revenue growth coupled with our fourth consecutive quarter of EBITDA growth.

“During the quarter we announced the acquisition of Setanta Sports Ireland. This is a transformational opportunity for the business. It is part of our overall drive to offer great value and exciting services to our customers. Against the backdrop of a highly competitive market, the acquisition will deliver bottom line benefit in the future. This is subject to the necessary formal approvals, which are expected later in the financial year," Mr Moat said.

Eir grew its broadband user base by 19,000 in the final quarter of the year while customers of its TV offering, Eir Vision, stood at 45,000.

The firm's mobile customer base is over one million and it reported for the first time ever that the average monthly data use amongst its customers exceeded 1GB.

Chief financial officer at Eir, Huib Costermans, said: “The Irish market provides a highly competitive landscape for the telecommunications sector. Nevertheless, half way through the year we remain on track for our stated outlook of low single digit bottom line growth for the full financial year.”

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