O2’s current renaissance exhibits no indicators of slowing down after the operator reported a 3rd consecutive 12 months of development.
Full 12 months revenues elevated by 3.eight p.c to £6.24 billion, whereas profitability rose by 2.Three p.c to £1.86 billion.
The corporate attributed the sturdy exhibiting to its dedication to buyer equity and transparency, citing the success of its versatile customized plans and an industry-low churn fee of 1 p.c.
A rise within the variety of MVNO customers additionally contributed to the rise. Throughout all operators that use the O2 community, together with O2 itself, Tesco Cell, Giffgaff and Sky Cell, there have been 1.73 million web contract additions over the 12 months because the variety of whole connections reached 34.5 million.
“Right this moment we’re marking 18 years of serving UK clients, and our enterprise has by no means been stronger. Our third full 12 months of consecutive topline development, profitability and rising buyer numbers is one thing our groups may be pleased with,” mentioned O2 CEO Mark Evans.
“From the very starting, we’ve had a relentless ambition to champion buyer equity, investing to supply the absolute best expertise for these utilizing our community. However clients who aren’t with O2 are nonetheless being penalised for his or her loyalty to their telephone networks.”
In 2016, dad or mum firm Telefonica needed to merge with rival operator Three, claiming the transaction was essential to compete in a UK market transferring in the direction of convergence. Nevertheless, O2 has thrived for the reason that deal was blocked, resulting in plans for an IPO sooner or later sooner or later.
The previous 12 months has seen O2 get its arms on priceless high-capacity spectrum and launch a 5G cellular service.