12th May 2015 10:16
LONDON (Alliance News) - The People's Operator PLC Tuesday posted a widened pretax loss for 2014 due to costs related to its listing on AIM last December, and expressed confidence in achieving its growth plans in 2015.
The mobile network operator posted a pretax loss of GBP2.4 million, widened from a pretax loss of GBP1.5 million in 2013, as a rise in revenue to GBP432,391 from GBP62,277 was offset by a jump in administrative costs as a result of its listing.
Revenue growth came from a rise in subscribers for its Pay Monthly and Pay As You Go plans. It ended the year with over 14,000 subscribers, compared to 2,400 subscribers at the end of 2013.
The company is targeting 2% penetration of the UK and US markets by 2021, and said it remains confident in meeting these forecasts.
Since the year end subscriber numbers have continued to grow, more than doubling to 28,200 at the end of April.
"Subscriber numbers and revenues are growing strongly, in line with our expectations and we have successfully launched our Community Platform in limited release. We have created a strong team in the US and our launch plans are on track. We remain confident that we will achieve our growth plans in 2015 and beyond," Executive Chairman Jimmy Wales said in a statement.
Shares in the People's Operator are trading down 1.8% at 129.35 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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