Eir sees profits dip in 2022

Eir has reported earnings before interest, tax, depreciation and amortisation (Ebitda) of €606m for 2022

Caoimhe Gordon

Eir has reported earnings before interest, tax, depreciation and amortisation (Ebitda) of €606m in the last year, reflecting a €14m decrease compared to 2021.

Revenues were up by €1m to €1.24bn last year.

Operating costs also increased by €7m to €388m in 2022, while Eir held €507m in cash on its balance sheet at the end of the year.

In results for the final three months of the year, Eir pointed to a 13pc rise in Ebitda, as well as a 5pc increase in sales, in this period.

This was attributed to continued “streamlining” of the cost base which was offset by additional costs related to the acquisition of IT services provider Evros in 2021.

Operating costs in the final quarter of the year also fell by €6m year-on-year as pay related costs fell by 8pc, while other non-pay related costs decreased by 4pc.

Eir’s total fibre broadband base rose by 2pc last year. The number of broadband customers declined by 1pc, a decrease that was driven by wholesale customers.

Mobile customers rose by 8pc to over 1.3 million in 2022, with three quarters of the mobile base now on postpay.

Bundling of TV and broadband services accounted for 45pc of Eir’s fixed households, up 5pc year-on-year.

Complaints from Eir customers have fallen by 40pc in the past year, according to the company. This represented the lowest level on record since reporting commenced in 2015.

“At year end, more than two million premises had been passed by Ireland’s largest fibre network and more than 987,000 had been passed by the rollout of Eir’s Gigabit fibre-to-the-home (FTTH) network,” Eir chief executive Oliver Loomes said.

“However, as of February 2023, premises passed by our Gigabit FTTH network had exceeded one million. This Gigabit fibre broadband network now gives at least 2.3 million people access to secure, high-speed internet, fundamentally changing the way we work and live.”