Helios Towers PLC on Thursday said profit has grown more than 50% during its current financial year to date, driven by an increase in tenancies.
The London-headquartered telecommunications tower owner said operating profit for the nine months that ended September 30 was $190.6 million, up 51% from $112.6 million last year.
Revenue grew 9.1% to $584.7 million from $533.7 million during the nine-month period, whilst adjusted earnings before interest, tax, depreciation and amortisation rose 15% to $311.9 million from $269.2 million.
Operating profit in the third quarter that ended September 30 was $58.3 million, falling 11% from $65.0 million in the second quarter. Revenue in the three-month period fell 0.3% to $194.8 million from $195.3 million in the previous quarter, and adjusted Ebitda rose 1.6% to $105.7 million from 104.0 million.
The number of sites in the nine months to date increased 1.6% to 14,247 from 14,024, whilst tenancies increased 8.6% to 29,021 from 26,624.
Chief Executive Officer Tom Greenwood said: ‘Our third-quarter results reflect continued execution of our 2.2x by 2026 strategy, with strong tenancy growth supported by our leading positions in structurally high-growth markets. Accordingly, we have increased our full-year 2024 guidance for tenancy additions to over 2,400, and we now expect to deliver adjusted Ebitda and portfolio free cash flow at the high-end of our prior guidance ranges, supporting our targeted net leverage reduction.
‘Looking forward to 2025, we expect further progress in our tenancy ratio expansion strategy. Combined with our resilient business model and focus on efficiencies through AI and digitalisation, we expect this to drive low double-digit adjusted Ebitda growth, continued [return on invested capital] expansion and further deleveraging, supporting sustainable value creation for all our stakeholders.’
Shares in Helios Towers were down 2.6% at 105.80 pence each in London on Thursday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
