28th Sep 2015 09:07
LONDON (Alliance News) - Fibre optic network builder, owner and operator CityFibre Infrastructure Holdings PLC Monday said it expects to meet market expectations for its full year, as it reported a narrowed pretax loss for its first half.
According to a forecast provided by Morningstar, FinnCap expects the company to report a pretax loss of GBP5.0 million for 2015.
For the half year to end-June the company reported a pretax loss of GBP2.8 million, narrowed from a pretax loss of GBP3.6 million a year before, as revenue more than doubled to GBP1.3 million from GBP2.7 million.
The company attributed its revenue growth to contributions from new contracts; it added GBP8.1 million to its incremental total contract value in the period, leaving its total unrealised contract value at GBP27.0 million at the end of the half year.
Elsewhere, its joint venture with Sky PLC and TalkTalk Telecom Group PLC in York continued positively, with the first tranche of homes now completed. Both Sky and TalkTalk have launched retail propositions under the joint branding 'Ultra Fibre Optic', with the first customers expected to be connected imminently.
"We continue to see strong demand for our services and remain well-positioned to deliver further growth and gain ongoing market traction during the remainder of 2015," said Chief Executive Officer Greg Mesch in a statement.
Shares in CityFibre were down 0.8% at 63.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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