Eir said it achieved ‘consistent solid growth’ in Q3 2020, with its new network GoMo driving a jump in mobile customers.
Eir has revealed its results for Q3 2020, falling in line with expectations. The telecoms group said that while revenue fell by 1pc to €307m, its earnings were up 5pc on this time last year, reaching €154m.
Over the course of its financial year to date, revenues have fallen by 2pc to €924m, with earnings up by 4pc to €441m. The company said its operating costs for the year have fallen by 8pc to €287m.
In October last year, Eir launched its new mobile network, GoMo, with a flurry of promotions including ‘unlimited’ data contracts for life. Eir said that the new brand helped its mobile division grow by 139,000 customers, amounting to an increase of 13pc. This means Eir now has 1.17m mobile customers in total.
More than half (65pc) of this customer base is now using bill pay, which is an increase of 11 points year on year.
At the launch of its 2020 strategy in January, Eir said that it was hoping to have hundreds of 5G sites established across Ireland by the end of the year. In its results, the company said that its 5G outdoor coverage now totals 28pc of the country. However, it confirmed that there are no plans to bring 5G connectivity to the GoMo network in the near future.
Eir CEO Carolan Lennon said 40 mobile network sites have been upgraded in the past six weeks, with 4G geographic coverage now at 94pc.
“We will continue our dedicated and determined work to ensure our network keeps Ireland connected, and we will continue to support our customers as we all adapt to new challenges and experience change,” she said.
“Our investment programme will continue in the coming months, where it is safe to do so, with plans to roll out 5G to every major town in Ireland and continue passing more homes and businesses with superfast fibre-to-the-home broadband.”
The number of Eir broadband customers increased by 1pc to 954,000. Meanwhile, the number of Eir TV customers grew by 3pc on the previous quarter, but was down 3pc year on year, with 77,000 customers currently subscribed.
Eir’s CFO, Stephen Tighe, said: “Eir’s performance in the third quarter was solid, consistent and in line with expectations despite the changed and challenging external environment.
“The company has reduced its average cost of debt by 17pc in the last year and has an average debt maturity profile of approximately six years.”