Mobile network Three Ireland said it grew its share of the Irish telecoms market to 46.5 per cent in the first half of 2024 as an uptick in its customer base drove an improvement in revenues and earnings.
After a difficult 2023 in which the company grappled with the impact of inflation on consumer spending and soaring energy prices, Three said business levels picked up and costs declined in the first six months of 2024, with revenues up 4 per cent over the same period last year to €309 million.
Earnings before interest, tax, deductibles and amortisation jumped 11 per cent to €78 million as energy prices eased from the highs seen in 2022 and 2023 following Russia’s invasion of Ukraine.
Three said its share of the market in the Republic jumped to 46.5 per cent over the period from just under 46 per cent at the end of last year, having added about 600,000 customers compared to the same period in 2023. That brought its total customer base to 4.7 million at the end of June, driven, it said, by its continued expansion into the so-called Internet of Things and growth in its 5G broadband network.
Capital expenditure across the company, which is owned by multinational CK Hutchison Holdings, was down slightly at €43 million over the period compared to €47 million in the first half of last year, as Three continued its programme of investment in 5G. Three said it has now reached more than 90 per cent 5G coverage across the State and continues to roll out 4G with coverage now at 99.4 per cent.
Three Ireland chief financial officer Simon Henry said the company is “satisfied” with the first-half results.
The telecoms company also said it continues to invest in energy-saving initiatives to “mitigate against energy inflation”.