LONDON (Alliance News) - Manx Telecom PLC Tuesday reported a rise in pretax profit for its first half, and said its first half performance underpins its confidence in its prospects.
The Isle of Man communications provider proposed an interim dividend of 3.5 pence for the half year to end-June, up from 3.3 pence a year before, and reiterated its progressive dividend policy.
Manx Telecom reported a pretax profit of GBP8.5 million, up from GBP7.0 million a year before, on revenue of GBP39.8 million, up from GBP39.5 million, mostly as a result of listing and capitalised loan transaction costs in the previous year.
During the half year the company launched its superfast broadband product 'Ultima Plus', as well as its 4G pay-as-you-go mobile service, and said that adoption rates for both products have grown steadily. In February, Manx renewed its contract with the Isle of Man government for five years.
Manx Telecom said its current trading "remains on course" to deliver a full year results in line with its expectations. Its core domestic business is expected to continue its good performance in the second half, and its data centre business is performing in line with expectations.
"I am pleased to report a solid performance for the half year, as we continue to make good progress towards achieving our strategic goals and delivering a full year result in line with the board's expectations," said Chief Executive Officer Gary Lamb in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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