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Eir reports a 2% increase in sales in the first quarter of 2022

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EIR lost broadband and TV customers but increased mobile subscriptions for the first three months of the year, although complaints against the company fell.

Reported revenue for the first three months of the year was 303 million euros, up 2 percent from the same period in 2021, Eir said in its first-quarter financial results.

Sales were boosted by data services, product bundling, last year’s acquisition of Evros and the launch of the National Broadband Plan.

Earnings before interest, taxes, depreciation and amortization were 144 million euros, a decrease of 7 percent compared to the previous year.

Operating expenses rose 10 percent to 100 million euros, including a 9 percent increase in utilities and 11 percent in labor costs, driven by IT services company Evros. At the end of March, Eir’s balance sheet contained 329 million euros in cash.

Despite the increase in mobile subscribers – up 4 percent to just over 1.2 million – mobile revenues fell from January to March.

But paid subscriptions grew 9 percent to 909,000 customers, accounting for 74 percent of Eir’s total mobile base.

Broadband customers were down 1 percent to 961,000 at the end of March, although fiber broadband customers were up 3 percent to 831,000, 87 percent of Eir’s total broadband base.

TV subscriptions fell 1 percent to 80,000.

Bundling of two or more products is up two points compared to Q1 2021.

Eir had rolled out fiber broadband at 800,000 locations by the end of March, a 28 percent increase compared to 2021. It aims to cover 1.9 million locations under the National Broadband Plan.

All of Eir’s Irish customers now have access to 5G.

Chief Executive Oliver Loomes said customer complaints had improved significantly and were at their lowest level since communications regulator ComReg began recording complaints in 2015.

Complaints from mobile customers are down 91 percent since the third quarter of 2020, with complaints from fixed-line customers down 89 percent, ComReg said.

“While there are indications of strong improvement, Eir is committed to making further advances through our customer care to significantly improve the service all customers receive; This includes shorter waiting times, quicker resolutions and more opportunities for care,” said Mr. Loomes.

Chief Financial Officer Stephen Tighe said financial performance in the first quarter was in line with expectations.

“Looking ahead, Eir is committed to delivering strong, consistent results that will demonstrate continued growth across our customer base.”

https://www.independent.ie/business/irish/eir-reports-a-2pc-rise-in-revenue-in-first-quarter-of-2022-41665424.html Eir reports a 2% increase in sales in the first quarter of 2022

Fry Electronics Team

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