Key points

  • Hull & East Yorkshire revenue increased by 1% compared to first half last year
    • Growth in each of its core channels, 4% revenue growth in Consumer
  • Enterprise revenue has grown by 1%
    • Further growth impacted by the UK General election and proposed exit of a previously
      identified software contract
  • Group revenue reduced by 8% driven by expected decline in its legacy activities within National
    Network Services
  • Continued focus on cost base – indirect costs 12% lower than first half last year
  • Profit before tax reduced by 8%
    • Expected decline in legacy activities and the impact of the previously identified software
      contracts in Enterprise, which resulted in the recognition of both incurred losses of
      £1.7 million and provisions of £4.5 million
    • Ongoing depreciation and amortisation impact of continued investments in Hull & East
      Yorkshire infrastructure
  • On track to make fibre available to the final 25% of premises in Hull & East Yorkshire addressable
    market by March 2019
  • Net debt stands at £67.8 million, driven predominantly by continued capital investment
  • Interim dividend of 2.00p, consistent with stated dividend commitment

 Interim results 2017/18