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Revenues slip 5% year-on-year at Irish operator.

Eircom Reports Fiscal Q2

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2/7/2014
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DUBLIN -- eircom Group today announced results for the second quarter and half year ended 31 December 2013.

Commenting on today’s announcement, Herb Hribar, CEO eircom Group, said: “Our second quarter and half year results highlight continued stabilisation in our bottom line and progress on cost reduction. The macro economy in Ireland is demonstrating signs of recovery and consumer sentiment is at its brightest since 2007. We remain fully committed to addressing competitive challenges through continued investment in our fixed and mobile networks that enable the commercialisation of a new range of products and services.

“The rollout of high speed fibre broadband continued during the quarter, and at the end of December 2013 the fibre footprint had passed 700,000 homes and businesses and we are now on track to pass 1,000,000 premises by summer 2014. This has been a major driver in the 5% year on year growth of the group’s broadband base, the third consecutive quarter of growth. When our fibre rollout is completed in July 2016, 1.4 million, or 70%, of all homes and businesses in Ireland will have access to high speed broadband. We also continue to roll out our 4G network, which now covers 40% of the population in Ireland. Finally, we remain the only operator in Ireland with the capability to offer a ‘quad play’ of services, including our new eVision IPTV offering.”

Separately, eircom Group also announced that it is seeking an amendment to the terms of its Senior Loan Facilities Agreement, by extending the tenure of the facility from September 2017 to September 2019. CFO Richard Moat, said, “We believe that improving the Group’s debt maturity profile is the next step in securing a sustainable and flexible long term capital structure for eircom, at a cost that is attractive to the Group.”

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