Three UK reported a pre-tax profit of £12m for the six months to 30 June 2011, a rise of 160% from the pre-tax loss of £20 million it incurred in the same period a year ago. Although no figures have been released, Three UK’s revenue was up 21%.
The positive results build on the second half of 2010, when the company went into the black for the first time in the UK. The operator’s customer base as of yesterday (3 August 2011) was 7,544,000 – a rise of 8% over the six months to 30 June 2011. Prepaid customers grew by 12% and postpaid by 5% over the same period.
Three’s customer base breaks down into 4,076,000 postpaid subscribers (54% of the base - down from 58% on 30 June 2010) and 3,468,000 prepaid. The total churn rate was 2.6% down from 3.2% a year ago, with postpaid churn dropping from 2.3% to 1.9%.
Three UK is part of the Three Group division of Hutchison Whampoa. Three Group revenue grew 12% in local currencies and after translation to Hong Kong dollars, increased 23% to HK$36,758 million.
Pre-tax profit showed a 177% turnaround from a loss of HK$998 million for the first half of 2010 to a profit of HK$767 million. All divisions except Hutchison Telecommunications (Australia) and Three Ireland achieved improved operating and pre-tax positive results.
The Three Groups registered customer base grew 3% during the first half of 2011 and totals 30.2 million customers. Management expects the Three Group to continue to make a positive contribution to the Group’s pre-tax profit results in the second half of 2011.