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Three UK announces seven per cent revenue growth during Q3 2022

Megan Robinson
November 9, 2022

Three Business continued to develop in this quarter with the launch of Business Broadband and promotion of Adapt product

Three UK has released its Q3 2022 financial results which shows a total revenue growth of seven per cent to reach £656 million- up from £614 million in Q3 2021.

This was driven by its active customer base, which saw an increase of almost 700,000 or seven per cent to 10.3m compared to 9.6m year-on-year.

Contract customers also grew by five per cent to 8.3 million mainly driven by its B2B and SMARTY services.

Its Capex increased by 28pc YoY from £191m to £244 in this quarter due to the phasing of programmes as 5G rollout and enhancement of 4G networks continued.

Robert Finnegan, Chief Executive of Three UK, said: “Momentum across Three UK has continued in Q3, demonstrated by the strong performance that we have achieved across our financial metrics. It is clear our strategy to improve our network is delivering, as more individuals and businesses are choosing Three UK as their preferred network.

“However, our returns are below our cost of capital and EBITDA remains below capex. Therefore, for Three to continue investing in the UK’s digital infrastructure, structural change is needed to the industry.”

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