Everything Everywhere – the joint venture between T-Mobile and Orange in the UK – has announced annual financial results for the nine months to 31st December 2010. These are the organisation’s first annual figures.
It achieved almost £5.3 billion in turnover for the 9 months since the venture was created. Adjusted EBITDA (before restructuring costs, brand and management fees) was £1.02 billion for the 9 months ended 31st December.
The number of ‘pay monthly’ contract customers was up, although prepay customer numbers were down. 82% of all pay monthly connections are now on smartphones. The two brands had 27.2 million mobile customers between them at the end of 2010.
Tom Alexander, Chief Executive Officer of Everything Everywhere, said “2010 has been a year of achievement for Everything Everywhere. We continued the rapid integration of the new company, completing a companywide restructuring and maintained good commercial momentum throughout, with improved retention and growth on our contract customer base. Despite continued regulatory and competitive pressures it has been a strong end to the year with T-Mobile showing a greatly improved performance with its strongest growth for over 2 years. Our continued cost management has allowed us to invest in contract customer growth across both brands. The strategy for T-Mobile was to focus on costs and profitability, in contrast to Orange’s customer growth strategy; these strategies are now aligned, with a continued focus on costs coupled with a drive to invest in contract customer growth on both brands, as evidenced by the performance in the fourth quarter.”