Tuesday 24 October 2017

Eircom still considering IPO as figures stabilise in third quarter

Eircom chief executive Herb Hribar
Eircom chief executive Herb Hribar
Ailish O'Hora

Ailish O'Hora

EIRCOM is still considering a flotation as its financial position stabilised in the third quarter, the company said today.

Underlying earnings of €119m were flat on the previous year, Eircom said while revenues were off 5pc to €315m.

The company said it is continuing talks with its advisers to further strengthen its financial position including an IPO where funds would be used to continue to reduce debts.

Eircom said operating costs were down by 2.5pc with its €100m target achieved.

It added that its fibre network had passed 800,000 premises.

Herb Hribar, chief executive said: "Our third quarter and nine month results highlight continued stabilisation in our underlying bottom line and progress on cost reduction.

"However, due to a series of unprecedented storms during January and February, we incurred €10m in one-off costs to repair faults on our network that reduced our reported EBITDA during the quarter."

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