Manx Telecom on track as fibre broadband rollout gathers momentum
By Duncan Ferris
Date: Wednesday 16 Jan 2019
(Sharecast News) - Manx Telecom on Wednesday said it is on track to meet expectations after its fibre broadband rollout remained on track and the company achieved "good" revenue growth.
The Isle of Man broadband and mobile provider, which is one of the island's largest employers, said revenue growth was driven by Global Solutions and the improved performance of its mobile division.
Meanwhile, Manx's take up of the new fibre broadband is "encouraging" as the offering now covers all key business districts, industrial estates and selected residential areas, with over 10% of the Island's premises passed by year end, in line with previously stated targets.
Gary Lamb, chief executive of Manx, said: "Our solid core performance continued through the second half, maintaining the platform which allows us to develop our growth businesses. The contribution of Global Solutions to our revenue growth and the development of our ground-breaking Goshawk proposition, as set out in detail at our Capital Markets Day late last year, demonstrates the exciting growth potential of Vannin Ventures."
Goshawk's proposition is a solution for hearing loss assistance, which the company intends to launch in the UK this summer along with partners BT, which is expected to generate meaningful revenues for the group in the medium term.
Meanwhile, the AIM traded company appointed Iarla Hughes as chief financial officer and director of the board in November, due to her strong track record of leading finance teams in large scale international businesses, including Telecoms.
Broker Liberum said: "In our view what the market misses is the potential for a "transformed" Manx, to launch new, innovative, cash generative off-island telecoms services such as Goshawk, which can deliver accelerated cash returns."
Manx Telecom's shares were up 2.91% at 159.00p at 1059 GMT.
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