B2B provider’s half-yearly financial results show slight drop in turnover but rise in profits and mobile subscriber base
B2B telecoms provider Alternative Networks has announced a 9 per cent rise in its mobile subscriber base to 70,795 and a 33 per cent increase in its overall operating profit for the six months up to March 31, in its latest set of financial results.
Despite turnover dropping 3 per cent to £57.4 million on the same period last year, both its operating profit and pre-tax profit rose by 33 per cent to £5.59m and by 34 per cent to £5.63m respectively.
Alternative Networks chief executive James Murray said: “Alternative Networks delivered a robust performance in the first half of the year, in the face of challenging market conditions. The major components of our growth strategy all played their part. We continued to increase our market share; we maintained high levels of cross-selling across our customer-base and saw reduced churn; and we invested in areas where we already know we have a competitive advantage.
“We will continue to grow our business, using both our existing base of products and services and by making acquisitions which bring additional commercial opportunities, add value and make us even stronger. Current trading is stronger than earlier in the year and, not withstanding that the market remains challenging, we are confident of achieving a result for the year in line with expectations.”