Eir sees earnings and revenues increase in first quarter

The telecommunications group recorded revenue of €311m in the quarter, up €7m from the same period in 2023.

This was driven by mobile growth, Eir reported

Earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose by 7pc to €137m.

Operating costs were €109m, up 4pc. Non-pay costs increased by 7pc as a result of rising accommodation and marketing costs.

Pay costs were stable in the three-month period.

The company’s fibre broadband base stood at 873,000, up 28,000 year-on-year. Eir reported that 92pc of the group’s broadband base is now connected to its fibre network.

Eir also recorded a total 1.45 million mobile customers, an increase of 8pc from the same time in 2023.

Around 78pc of the mobile base is on postpay.

TV subscriptions jumped by 21pc to 106,000 year-on-year.

Eir reported that 90pc of fixed consumer households were on bundles which included two or more of the group’s products in the period.

Eir’s 5G network expansion is available in more than 600 villages, towns and cities across the country.

The business also plans to invest €8m in customer care systems.

Chief executive Oliver Loomes said that Eir’s growth is supported by a capital investment of more than €1bn since 2018.

“Eir continues to invest €250m per annum, ensuring that Ireland is equipped with world-class communications infrastructure,” he said.

"Ongoing investment in communications infrastructure is crucial for driving Ireland’s economic expansion, sparking innovation, and maintaining our competitive edge on the global stage.”

Chief financial officer Stephen Tighe added that the performance in the first three months of 2024 was in line with expectations.

“Our solid commercial momentum is now delivering organic revenue growth on a consistent basis,” he said.