Wednesday, May 31, 2023

Cellnex increased revenue by 19% in the first quarter to 985 million euros

According to data revealed on the market this Thursday, Cellnex achieved a 19% increase in revenue in the first quarter, reaching 985 million euros. After several years of strong expansion, the telecom infrastructure company narrowed its loss to EUR 91 million, down slightly from EUR 93 million in the previous year.

The company attributes the result to higher amortization and costs derived from the consolidation of its previous acquisitions, along with the increase in interest due to “strengthening liquidity position”. For example, operating costs increase from 195 to 255 million euros. Gross profit (Ebitda) in any case increases by 15% to 730 million.

On the business line, infrastructure services for mobile telecom operators contributed 91.3% of revenue with EUR 899 million, representing a growth of 20%. Broadcast infrastructure activity contributed 5.8% with 57 million, and businesses focused on security and emergency networks and solutions for intelligent management of urban infrastructure contributed 2.9% of revenue with 29 million.

Cellnex CEO Tobias Martinez, who is set to step down in June, said in a statement that the company achieved its “organic growth goals” in the first quarter, noting that they are part of a strategic shift away from their whirlwind acquisition spree. are compatible. Instead, focus on getting a credit rating upgrade.

“The new strategic chapter that we announced to the market last November and the central element of which is reaching investment grade no later than 2024, thus strengthening our financial capacity for the continued growth of Selnex in the years to come,” he added. doing.”

The accounts come after a recent board change after Chris Hahn became the largest shareholder of TCI Activist Fund. Hone says the board has not handled the search for a new chief executive properly.

World Nation News Desk
World Nation News Desk
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