29th Sep 2015 12:06
LONDON (Alliance News) - The People's Operator PLC Tuesday expressed confidence in its prospects, citing its growth in the UK and its recent launch in the US, and reported a widened pretax loss for its first half.
The mobile virtual network operator reported a pretax loss of GBP4.4 million for the half year to end-June, widened from a pretax loss of GBP611,401 a year before. Revenue rose to GBP602,964 from GBP131,538.
The company listed on AIM last December.
Revenue growth was driven by increasing subscriber numbers in the UK; subscriber numbers at the end of June were 35,122, and the company said that as of Tuesday its subscriber number are 50,360. It remains confident in beating its target of 69,000 subscribers by the year end.
It launched its operations in the US in July following two months of soft marketing, it said, and it has already received 5,000 subscriber commitments in the US that are being progressed.
"During the first half of the year our focus was on growing our UK operation and preparing for our launch into the US. I am delighted with the growth we are achieving in the UK which is in line with our expectations. Our launch in the US attracted considerable interest and early indications are very encouraging," said Executive Chairman Jimmy Wales in a statement.
"We look forward to building on the momentum we have achieved and I am very confident about our prospects," Wales added.
Shares in the People's Operator were up 3.2% at 122.01 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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