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Wednesday, October 26, 2011

Everything Everywhere reports ’underlying growth’ in quarterly results

Everything Everywhere has published its quarterly results for Q3 of 2011.

Turnover was down 4.3% year-on-year to £1,697 million, although this would have been a slight increase if it hadn’t been for the reduction in Mobile Termination rate charges. Similarly, service revenue was down by 1.9% but would otherwise have seen a 3.8% increase.

The number of postpaid (pay monthly) customers increased by 185,000 - a similar figure to the Q3 2010 increase - while the number of prepaid customers decreased by 227,000. It means that 47% of Orange and T-Mobile customers are now on post-paid contracts, while two-thirds of these customers have smartphones.

Olaf Swantee, Chief Executive Officer of Everything Everywhere, said “Despite ongoing economic pressure and the impact of regulated cuts to mobile termination rates, our business performance is in line with our current expectations. The success we’ve had adding nearly 900k postpaid customers in the last year is helping to drive underlying service revenue growth. I am particularly pleased that we are attracting high numbers of new smartphone customers and have the lowest customer churn in the industry”.

The results were announced as The Telegraph published an interview with Mr Swantee in which he’s quoted as saying “Everything Everywhere is not a brand, it’s a silly name with a stopping effect”.

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Author: The Fonecast
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