Manx Telecom PLC Pre-Close Trading Update (7794K)

TIDMMANX

RNS Number : 7794K

Manx Telecom PLC

12 July 2017

12 July 2017

Manx Telecom Plc

Pre-Close Trading Update

Manx Telecom Plc (AIM:MANX; the "Company"), the leading communication solutions provider on the Isle of Man, is pleased to announce its pre-close trading update prior to the release of its interim results for the first six months of 2017, due to be announced on 12 September 2017.

The Board confirms that trading during the period has been in line with management's expectations.

The Company's core domestic business of fixed line, broadband, data and mobile has performed well during the six-month period. With high speed broadband services now available to 93% of the Island's homes, penetration of our customer base has expanded to 45%. Our mobile business performed solidly throughout the period, providing 99% of the Island's population with the ability to enjoy 4G services.

Continued revenue growth in the Global Solutions business helped to offset the previously noted decrease in Data Centre revenues which were driven by customer consolidation. As also noted at the full year results, a change to the distribution date for the telephone directory means there will be less revenue from this part of the business than in last year.

As part of the Company's ongoing investment in its network, a plan has been put in place to bring ultrafast fibre to the premises (FTTP) broadband to an initial 77 locations, covering key business districts and industrial estates. The roll-out will take place during the rest of the year.

Underlying cash flow remains strong, continuing to support our dividend policy.

The transformation programme which was launched in October 2016 with the aim of improving competitiveness and the customer experience is on track.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/ 2014.

For further enquiries, please contact:

 
Manx Telecom plc                                           [phone] 
Gary Lamb, CEO 
 Danny Bakhshi, CFO 
Liberum Capital (Nominated Adviser and Corporate Broker)   [phone] 
Steve Pearce 
 Josh Hughes 
 Dominik Götzenberger 
Oakley Capital (Financial Adviser)                         [phone] 
Christian Maher 
 Victoria Boxall 
Powerscourt Group (Public Relations)                       [phone] 
Juliet Callaghan 
Simon Compton 
 

About Manx Telecom

-- Manx Telecom is the leading communication solutions provider on the Isle of Man, offering a wide range of fixed line, broadband, mobile, and data centre services to businesses, consumers and the public sector on the Isle of Man as well as a growing portfolio of innovative hosting and "Smart SIM" solutions to off-Island customers.

-- Manx Telecom has a record of innovation, being the first European operator to launch a 3G mobile service and the first in the world to launch a 3.5G mobile service. 4G service launched in the summer of 2014, and it is now available to contract and pre-pay customers with 99% population coverage. The Company's high speed VDSL broadband service (Ultima) is available to 93 per cent of homes on the Island. A VDSL Plus service launched in February 2015.

-- The Company has three data centres (two of which are Tier 3 designed) plus international connectivity and its operations are business-critical to the economic strategy of the Isle of Man.

-- One of the largest employers on the Island, Manx Telecom employs approximately 300 people. The Company plays a major role in the wider community through a range of activities, including charitable donations, sponsorships, and corporate social responsibility initiatives.

-- The Company is proud to sponsor the Manx Telecom Parish Walk, Tough Mann Adventure Challenge, Manx Telecom End2End Mountain Bike Challenge, Team Manx Telecom (Manx Road Club), and Royal Manx Agricultural Show as well as other smaller events. Manx Telecom also donates annually to local causes through the company's "It's our Community" programme.

-- The Isle of Man has a resilient and growing economy which has experienced 31 years of unbroken GDP growth. Unemployment is low at 1.0 per cent, and there is a zero per cent corporate tax rate which applies to the vast majority of Manx Telecom's business and means that the Group currently pays no corporation tax on its annual profits.

-- Manx Telecom is listed on the Alternative Investment Market of the London Stock Exchange with the ticker MANX.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 12, 2017 02:00 ET (06:00 GMT)