Wednesday 18 September 2019

Earnings increase at Eir helped by declining costs

Carolan Lennon, CEO of Eir
Carolan Lennon, CEO of Eir
Ellie Donnelly

Ellie Donnelly

Communications group Eir has reported a 10pc increase in earnings to €578m in the 12 months to 30 June.

The performance was positively impacted by a 14pc drop in operations costs to €406m.

However, revenue at the telecoms group declined by 2pc to €1.2bn, according to annual results from the company.

Carolan Lennon, eir chief executive, said: “This year was one of substantial developments in our business as our EBITDA grew 10pc, even as we continued to deliver our essential role as the biggest investor in telecoms infrastructure in Ireland, spending nearly a quarter of our revenue on extensive network investment.”

“Our investment programme gathered further pace in the last quarter of the financial year with the completion of our FTTH rollout, having passed 375,000 homes and businesses with superfast broadband, including 308,000 rural premises.”

Eir had cash on its balance sheet of €260m at 30 June, up 28pc year-on-year.

In the three months leading to the end of June Eir broadband customers increased to 944,000, up 2pc year-on-year.

Meanwhile, it added 3,000 more Eir Vision customers during the year, and 50,000 Eir Sport users.

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